On October 14, Ferrari Chief Marketing and Commercial Officer Enrico Galliera said that the company has begun accepting cryptocurrency payments in the United States and plans to expand to Europe in the first quarter of next year.

 

  Galliera said the decision was made in response to market and dealer demands, as many customers have invested in cryptocurrencies. Ferrari will initially use services provided by crypto payment processor BitPay in the United States.

 

  Bitpay will immediately convert cryptocurrency payments into traditional currencies on behalf of Ferrari dealers, thereby protecting them from price fluctuations and will ensure that these cryptocurrencies come from legitimate sources and are not derived from criminal activity or used for money laundering or tax evasion.

  Ferrari is not the first to use cryptocurrency to pay for its cars. In February 2021, Tesla announced the purchase of $1.5 billion worth of Bitcoin. On March 24, Musk announced that Tesla would accept Bitcoin payments. On May 13, Musk announced that Tesla would stop accepting Bitcoin payments due to the energy pollution caused by Bitcoin mining.

 

  After a brief attempt, Tesla also urgently suspended its cryptocurrency payment business. Ferrari's move once again links Bitcoin to car sales, which is a short-term benefit for the "currency circle". But even if Bitcoin shows high returns in the short term, most companies still hold a wait-and-see attitude. After all, whether the "highly volatile" cryptocurrency will also increase risks for companies.