Luxury sports car manufacturer Ferrari announced today that it will expand its plan to accept cryptocurrency payments in Bitcoin and select altcoins to its European dealer network by the end of this month. With the success of its American dealerships, Ferrari plans to expand the service to other regions around the world.
Ferrari is expanding cryptocurrency payments to Europe!
Luxury sports car giant Ferrari is set to expand its cryptocurrency payment options to its European dealer network this month, following its launch in the US. According to Reuters, the Italian firm will extend the program to other dealers in its international network in countries where cryptocurrencies can be legally accepted. As you follow from Kriptokoin.com, Ferrari first introduced crypto payment options for its cars in the US in October. It also planned to expand to Europe in the near future. The initial decision was made in response to requests from the market and dealers, where many of Ferrari’s customers invest in cryptocurrencies. The company made the following statement on the matter:
The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago to support dealers to better meet the evolving needs of their customers. Most dealers in the region have already adopted the solution or are in the process of doing so.
Ferrari partnered with BitPay as its cryptocurrency payment processor for the US launch, accepting payments in Bitcoin, Ethereum and USDC stablecoins, instantly converting crypto payments to dealers into fiat currency to “protect them from price fluctuations”. However, it remains unclear which crypto payment processors Ferrari will use in Europe and other regions.
Will Tesla resume Bitcoin payments?
After accepting Bitcoin payments in early 2021, Tesla abandoned the plan a few months later, citing energy concerns associated with Bitcoin mining activities. While much of the Bitcoin mining activity has turned green, Tesla has yet to resume BTC payments.
Elon Musk, on the other hand, has been expressing concerns about the potential collapse of the US Dollar. Therefore, it’s time for the tech billionaire to once again recognize the potential of Bitcoin and start accepting BTC payments. This will encourage other companies to join the Bandwagon. Meanwhile, the leading crypto Bitcoin is trading at $66,400. Bitcoin has been under pressure due to the Mt. Gox payments, but it continues to maintain its resilience.
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