Ferrari’s decision to allow U.S. residents to buy its cars in exchange for cryptocurrencies such as Bitcoin (BTC) has become one of the biggest market wins of 2023, according to the CEO of Bitcoin ATM operator CoinFlip.
The representative said Ferrari is aware of growing customer demand for alternative payment solutions and has decided to support dealers in meeting these customer requirements, adding:
“The origin of cryptocurrencies will be proven and the risk of exchange rate-related fluctuations will be eliminated. Dealers – ultimately Ferrari – will receive payments in traditional currencies and will not directly manage cryptocurrencies.”
ferrari Add to Crypto payment support is provided through integration with BitPay, a major crypto payments company serving global brands such as AMC Theaters and e-tailer Newegg. According to BitPay, Ferrari customers in 10 U.S. locations, including Washington and Las Vegas, can now exchange cryptocurrency for top-tier Ferrari models such as the SF90 Stradale, Ferrari Purosangue, Daytona SP3, and more.
CoinFlip CEO Ben Weiss said Ferrari’s move to accept cryptocurrency payments is of great significance to the market. “Their significant reputation can increase adoption, cryptocurrency value and consumer confidence,” Weiss said. Their cryptocurrency measures could also spark interest among lawmakers in developing a clear regulatory framework, he said.
Weiss believes Ferrari’s push will eventually push more traditional global companies to accept Bitcoin as a payment method. He said:
“The question is not if big companies will follow in Ferrari’s footsteps, but when. Bitcoin is the best-performing asset in a decade, proving it is here to stay and encouraging other big companies like PayPal and BlackRock to embrace digital assets.”
A Ferrari representative told Cointelegraph that Ferrari’s decision to adopt cryptocurrency payments complies with environmental, social and corporate governance-related requirements.
“Data analysis of the environmental impacts associated with cryptocurrencies has been a fundamental part of our decision-making process for cryptocurrency adoption, in line with our goal of becoming carbon neutral by 2030,” the spokesperson said.
related: Honda’s crypto payment option is only available through third-party platforms
According to industry analysts, as of mid-September 2023, the share of Bitcoin mining energy from renewable energy exceeded 50%. However, Elon Musk’s Tesla has yet to adopt a BTC payment option after halting such payments in 2021 due to carbon emissions concerns.
“Tesla still accepts Dogecoin, and Elon remains a supporter of cryptocurrencies,” CoinFlip CEO Weiss noted. He added that the Tesla founder could also benefit from introducing cryptocurrencies to social media platform X ( formerly known as Twitter) to promote cryptocurrency adoption. He said:
“Elon also has extensive payment experience from the PayPal era, and if Elon decides to bring payments to X, as many expect, cryptocurrency will become a natural payment method.”
In a public document titled “What You Need to Know When Using Bitcoin,” Tesla list Several facts about cryptocurrencies, including that Bitcoin payments are irreversible.
“This is how the Bitcoin network works – there are no do-overs. So please make sure you enter the correct Bitcoin price in the amount field and the correct Bitcoin address in the recipient field.” the document reads.
Magazine: $5 5,050 Bitcoin in 2009: Helsinki claims cryptocurrency fame
Svlook
