Ferrari Accepts Cryptocurrency Payments in Europe Starting July 2024

Ferrari's decision to accept cryptocurrency payments is part of a growing trend among luxury car brands.

Starting at the end of July 2024, European customers will be able to purchase their dream Ferraris using cryptocurrency. This follows a successful rollout in the United States last October, where Ferrari began accepting Bitcoin, Ethereum, and USD Coin (USDC) via the widely used BitPay payment processor.

Ferrari’s decision to accept cryptocurrency payments is a move designed to meet the evolving needs of its affluent customer base, many of whom are notable figures in the crypto community. 

The expansion into Europe signifies Ferrari’s confidence in the success of its initial launch in the US. According to a recent report by Reuters, around 60% of Ferrari’s European dealers have already adopted or are in the process of adopting this new payment method. This rollout will be closely monitored and, if successful, is expected to extend to other regions by the end of 2024.

For now, it remains uncertain whether BitPay will also facilitate these transactions in Europe, as it did in the US. However, the process where crypto payments are automatically converted into local fiat currencies, will likely be a model for the European expansion. This conversion process protects dealers from the volatility of digital currencies, ensuring they receive stable fiat payments directly into their bank accounts.

Ferrari's decision to accept cryptocurrency payments is part of a growing trend among luxury car brands. For example, Lamborghini has been accepting crypto payments at its Newport Beach dealership since 2021, and Porsche and Bentley have also started exploring crypto transactions. Despite these steps, most mainstream car manufacturers are still hesitant. Tesla, for instance, experimented with Bitcoin payments in 2021 but suspended this option due to environmental concerns.

As Ferrari expands its crypto payment system, it aims to continuously adapt to the legal and market conditions of different countries.