Ferrari to accept crypto as payment for its cars

Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the US and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief said.

The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce.

Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.

These include electric car maker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.

Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed.

Ferrari’s chief marketing and commercial officer, Enrico Galliera, said cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources. “Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview.

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”

While some cryptocurrencies, such as the second largest, ether, have improved their energy efficiency, bitcoin still attracts criticism for its energy-intensive mining.