Italian luxury sports car maker Ferrari has announced on 24th July 2024 that it will start
accepting cryptocurrency payments at its European dealerships from late July. The move follows
the successful launch of crypto payments in the United States in October 2023.
By the end of 2024, Ferrari also aims to offer cryptocurrency payment solution at dealerships
worldwide where cryptocurrency is legally permitted. Ferrari announced that it is collaborating
with cryptocurrency payment providers to ensure secure transactions. These payment providers
will convert digital currencies into traditional fiat currency, protecting dealers from
cryptocurrency volatility and simplifying the payment process.
According to the official statement by Ferrari, most of its European dealers have already adopted
or are in the process of integrating the new payment system, which will go together with existing
payment methods.
Ferrari’s decision to accept crypto payments in Europe signals a positive development for the
crypto world. The move would certainly negate the perception that digital assets are mere
speculative investments which can’t be integrated into the main economy. The acceptance by
high-end luxury brands like Ferrari will increase public trust in such assets.
Once general public starts experiencing convenience and potential benefits of using crypto, there
is hope that more people will embrace digital currencies. Ferrari’s decision also supports this
point as the company initially enabled the crypto payments in the US market and upon
experiencing its benefits, it now has decided to expand it to Europe and rest of the world. Amid
wider acceptance of cryptocurrency in mainstream economy, more and more governments will
be forced to adopt them in their financial systems. If these developments happen at any point in
future, they will certainly boost prices of digital currencies bringing high returns for investors.
