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Ferrari car models are showcased at an exhibition in Monaco. (Photo: AFP/TTXVN) |
Ferrari has started accepting cryptocurrency as a form of payment for its luxury sports car transactions in the US and plans to expand this mechanism to the European market, following requests from its wealthy customers.
Most large-cap companies in the stock market tend to avoid accepting cryptocurrency payments due to the volatility of Bitcoin and other tokens in commercial transactions.
Some regulations and the energy-intensive nature of cryptocurrencies also hinder its potential to become a popular means of payment.
Previously, electric car company Tesla began accepting Bitcoin payments in 2021, but CEO and billionaire Elon Musk rescinded this decision due to environmental concerns.
In an interview with the media, Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, stated that cryptocurrencies have made efforts to reduce CO2 emissions through the implementation of new software and increased use of renewable energy sources.
In response to media inquiries, Galliera emphasized that the company is committed to achieving carbon neutrality by 2030 throughout its value chain.
Ferrari stated that the above decision was made in response to market expectations and brokers, as many customers have invested in cryptocurrencies.
According to the official, some investors, particularly young investors, have built wealth using cryptocurrencies, while others are traditional investors looking to diversify their sources of funds.
While some cryptocurrencies like Ether (the second largest after Bitcoin) have improved their energy efficiency, Bitcoin is still criticized for its energy consumption.
The Italian company Ferrari sold 13,200 cars in 2022, with prices starting at over 200,000 euros (211,000 USD) and can go up to 2 million euros.
The company plans to expand its cryptocurrency mechanism to Europe in the first quarter of 2024 and then to other regions as cryptocurrencies are recognized by law.
Europe, the Middle East, and Africa are the largest markets for Ferrari, accounting for 46% of total sales in the first half of this year.
Bich Lien
