According to U.Today, Italian luxury sports car manufacturer Ferrari is set to introduce cryptocurrency payments for European customers at the end of July. The legendary carmaker had previously announced its decision to accept cryptocurrency payments in the U.S. last October, aiming to cater to its affluent customers, including representatives of the crypto nouveau riche. In the U.S., Ferrari allowed its customers to pay with Bitcoin, Ethereum, and USD Coin (USDC) via the widely used BitPay payment processor. However, it remains unclear whether BitPay will also be used by European dealers.
Ferrari plans to expand crypto payment options to dealerships in other regions in the future. Crypto enthusiasts who prefer Ferrari's long-time rival Lamborghini can also purchase luxurious Lambos at the Newport Beach dealership, which added digital assets as a payment option back in 2021. Additionally, some authorized dealers for brands like Porsche and Bentley also accept cryptocurrencies. Despite these developments, luxury cars remain a niche market, and crypto payments have yet to achieve significant adoption among mainstream car companies.
E-car manufacturer Tesla started accepting Bitcoin as a payment method for vehicle purchases in March 2021 but later dropped this option due to environmental concerns associated with Bitcoin. Speculation has arisen that Tesla might restart accepting the largest cryptocurrency, especially after Elon Musk's new profile picture featuring 'laser eyes.' In 2022, Tesla also began accepting Dogecoin for some of its merchandise.