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While Lamborghini sports cars are the exotic car make most commonly invoked in crypto, the world’s leading luxury automotive brand is now directly courting HODLers in the U.S.
Ferrari, the luxury Italian automaker, is now allowing Americans to buy their luxury sports cars with Bitcoin, Ethereum (ETH), or the USDC stablecoin. The carmaker is partnering with crypto-payment processor BitPay to handle the conversion from digital asset payments into fiat on behalf of Ferrari dealers—and perform related due diligence.
In an interview with Reuters, Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera said that the move was aimed at reaching a newer generation of customers who might not be considered part of their usual clientele.
"Some are young investors who have built their fortunes around cryptocurrencies," said Gallera. "This will help us connect to people who are not necessarily our clients but might afford a Ferrari."
Ferrari is joining a growing line of automakers that allow their cars to be purchased with crypto. In addition to Lamorghini, individual dealerships for big names like Nissan and BMW also let customers use Bitcoin or other cryptocurrencies to buy cars across the U.S.
Electric vehicle giant Tesla was once the most prominent company to allow its vehicles to be bought with Bitcoin, but the company ended the practice in 2021 when CEO Elon Musk raised concerns about the token’s energy emissions. Gallera, Ferrari’s marketing chief, pointed to recent efforts to make cryptocurrencies more climate-friendly as a factor in the recent decision to accept the top cryptocurrency.
In Ferrari's second quarter earnings report, the company reported that about 17.5% of its shipments went to the Americas with 869 vehicles delivered. Ferrari’s most recent model, the 812GTS, costs close to $430,000. That’s about 15 Bitcoin as of this writing.
As luxurious as Ferraris are, they are not the first fancy product to be paid for in Bitcoin—nor the most over the top purchase. To date, crypto holders have been able to rent out luxury yachts, luxury shoes, and even the option to buy the most expensive residence in London (it's not for sale).
But none of this compares to the literally over the top option to pay for space flights in Bitcoin, something that Lord Richard Branson’s Virgin Galactic accepts from wealthy customers.