Ferrari has begun accepting cryptocurrency payments for its luxury sports vehicles in the United States and will expand the scheme to Europe in response to requests from wealthy customers, according to Reuters citing the company’s marketing and commercial boss.
Since Bitcoin and other cryptocurrencies are too volatile for use in trade, the vast majority of blue-chip firms have chosen to stay away from them. These include the electric vehicle manufacturer Tesla, which started accepting Bitcoin payments in 2021 until CEO Elon Musk stopped it due to environmental concerns. Cryptocurrency’s use as a payment method has also been hampered by patchy regulation and excessive energy consumption.
Ferrari Chief Marketing and Commercial Officer Enrico Galliera told Reuters that cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources. “Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview.
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Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto. Galliera added:
“Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios.”
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com
