As a seasoned researcher with a background in both the automotive and cryptocurrency industries, I find Ferrari’s decision to expand its crypto payment acceptance to European dealers intriguing. Having closely followed the Bitcoin and crypto market trends since 2023, I can attest to their significant growth and increasing mainstream adoption.
Ferrari, a renowned luxury sports car brand, revealed on July 24, 2021 that it would extend crypto payment acceptance to its European dealers by the month’s end. Following successful implementation in American dealerships, Ferrari intends to roll out this service in other global markets.
Ferrari to Accept Crypto Payments
According to recent news from Reuters, the Italian automaker aims to broaden its electric vehicle charging network to more dealerships worldwide by the close of 2024. Nevertheless, they will only allow crypto payments in regions where digital currencies are legally authorized.
Following the significant surge in the value of Bitcoin and cryptocurrencies during the past two years, specifically in 2023 and 2024, Ferrari announced its decision to embrace this trend as part of its long-term business strategy. The company expressed this intention by stating:
“This alternative payment system, which saw a successful debut in the US market only last year, is now expanding into Europe. The move aims to help dealers effectively respond to their clients’ changing requirements.”
Last year, Ferrari chose to collaborate with BitPay for the debut of its crypto payment initiative in the United States. This partnership enables Ferrari to receive payments in not only Bitcoin and Ether, but also the widely used stablecoin, USDC.
As a crypto investor and user, I can tell you that under the new arrangement, Bitpay acts as an intermediary, converting my cryptocurrency payments into traditional currency on the spot when making purchases from Ferrari dealers. This protective measure saves dealers from the uncertainties of price fluctuations in the crypto market and also exempts customers from paying any fees or additional surcharges for these transactions.
Ferrari kept quiet about its possible usage of extra payment processors in Europe and beyond during their Wednesday announcement.
Will Tesla Resume Bitcoin Payments Again?
In the beginning of 2021, Tesla started accepting Bitcoin as a form of payment. However, they abandoned this plan several months later due to energy concerns linked to Bitcoin mining processes. Although a significant portion of Bitcoin mining now relies on renewable energy, Tesla has not reinstated Bitcoin payments on its platform yet.
56.5% as of today.
— Willy Woo (@woonomic) July 23, 2024
Alternatively, Elon Musk has expressed worries over the possible demise of the US Dollar in the future. It’s high time for the tech tycoon to reconsider Bitcoin’s potential and begin accepting BTC payments once more. Such a move could inspire other businesses to follow suit.
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2024-07-24 13:50