Luxury sports car manufacturer Ferrari announced it would expand Starting this month, Ferrari will be able to accept Bitcoin and other cryptocurrencies as payment at its European dealerships. The move comes after Ferrari became the first to start accepting Bitcoin and cryptocurrencies as payment at its US dealerships last year.
Latest news: Luxury car manufacturer Ferrari #Bitcoin Cryptocurrency payments in Europe. pic.twitter.com/PxT7Z7OwbP
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Ferrari said the European rollout will take place by the end of July, allowing customers to purchase new cars using bitcoin and other cryptocurrencies. Bitcoin Payments The option will be available to dealers worldwide where legally permitted by the end of 2024.
Ferrari continues partnership Leading Bitcoin payment processor BitPay Processing payments: When a purchase is made with Bitcoin, BitPay instantly converts it into traditional fiat currency, making the Ferrari dealership immune to the volatility of Bitcoin and cryptocurrencies.
The ability to pay in Bitcoin and other cryptocurrencies caters to Ferrari’s tech-savvy customer base, who hold large amounts of Bitcoin, and it also comes as mainstream adoption grows as more major companies, including Microsoft, AT&T and travel site Expedia, start accepting Bitcoin payments.
Ferrari said accepting Bitcoin and other cryptocurrencies would provide more flexibility and convenience for customers buying its luxury vehicles, and the company has seen strong demand since accepting Bitcoin payments in the United States last year.
As luxury and high-end brands embrace Bitcoin payments, the asset class is gaining legitimacy as a currency rather than simply an investment. The ability of consumers to accept Bitcoin at more retail outlets has also been cited as a factor in the recent surge in the Bitcoin market.
