Ferrari embraces bitcoin for U.S. vehicle purchases By  |  Editor Nikhilesh Pawar

Published Nov 18, 2023 12:37PM ET

NEW YORK – In a significant move for luxury car sales and cryptocurrency use, Ferrari (NYSE:RACE) has begun accepting Bitcoin as a payment option for its high-end vehicles in the United States. The iconic car manufacturer has partnered with BitPay to facilitate secure transactions, ensuring that its dealers receive fiat currency. This service is now available at ten Ferrari locations across the country for models including the SF90 Stradale, Purosangue, and Daytona SP3.

The adoption of Bitcoin by Ferrari marks a turning point in the automotive market and may signal a trend toward broader corporate acceptance of digital currencies. Ben Weiss, CEO of CoinFlip, considers this development to be a pivotal moment in 2023, likening it to the cryptocurrency initiatives previously undertaken by industry giants such as PayPal (NASDAQ:PYPL) and BlackRock (NYSE:BLK).

Ferrari’s strategic decision also aligns with its environmental goals. The company is committed to achieving carbon neutrality by 2030 and has taken steps to address potential ecological concerns associated with cryptocurrency transactions.

While Ferrari forges ahead with Bitcoin payments, Tesla (NASDAQ:TSLA) provides guidance on the irreversible nature of such transactions through their “What You Need To Know If You Use Bitcoin” document. However, Tesla currently favors Dogecoin over Bitcoin due to environmental considerations. Elon Musk’s influence on the future of cryptocurrency is also anticipated to grow, potentially integrating crypto payments into the social media platform X, leveraging his experience from founding PayPal.

The move by Ferrari and other companies like Newegg to process crypto payments via BitPay reflects an increasing integration of digital currencies into mainstream commerce, despite ongoing debates about their environmental impact.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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