Ferrari Embraces Bitcoin for U.S. Vehicle Purchases –

Published: | Editor Nikhilesh Pawar

Published Nov 18, 2023 18:38

Ferrari (NYSE:RACE) has taken a significant step in the luxury car sales and cryptocurrency markets by now accepting Bitcoin as a payment option for its high-end vehicles in the United States. To facilitate secure transactions and ensure that dealers receive fiat currency, the company has partnered with BitPay. The service is currently available at ten Ferrari locations in the US for the SF90 Stradale, Purosangue, and Daytona SP3.

Ben Weiss, CEO of CoinFlip, believes this development marks a pivotal moment for 2023, similar to when industry giants such as PayPal (NASDAQ:PYPL) and BlackRock (NYSE:BLK) began incorporating cryptocurrency initiatives. Furthermore, Ferrari’s initiative is in line with its environmental goals, as the company is committed to achieving carbon neutrality by 2030 and has taken steps to address any potential ecological concerns related to crypto payments.

Tesla (NASDAQ:TSLA) provides insight on the irreversible nature of crypto transactions in their “What You Need To Know If You Use Bitcoin” document. However, Tesla favors Dogecoin over Bitcoin due to sustainability considerations. Elon Musk’s influence on the future of cryptocurrency may also expand, with potential integration of crypto payments into his social media platform X, leveraging his experience from PayPal.

The integration of digital currencies into mainstream commerce is evident in the move by Ferrari and other companies such as Newegg to process crypto payments via BitPay, despite debates about their environmental impact.

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