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You Can Now Buy A Ferrari With Bitcoin

October 16, 2023
x min read

Iconic automaker Ferrari has opened up a new way to buy a sports car: Bitcoin.

What’s happening:

  • Ferrari is now accepting payment for their vehicles via Bitcoin in the United States
  • They plan to begin to roll out purchases through crypto soon in Europe

How it works:

  • Ferrari has partnered with BitPay in order to facilitate payments via crypto in the United States
  • Individuals can use Bitcoin, Ethereum and USDC to order a Ferrari
  • BitPay will instantly convert crypto purchases into fiat currency to avoid any exposure to price fluctuations

Why it matters:

  • Crypto as a mechanism for payments has struggled to find real world use cases
  • Legacy luxury brands beginning to adopt crypto could be signal a shift in the perception around digital assets and currencies

The intrigue:

  • Tesla (NASDAQ: TSLA) was originally the first large automaker to accept Bitcoin as payment but it was shortly abandoned

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