Ferrari Embraces Crypto: now accepts Dogecoin for US luxury car sales
In a groundbreaking move, the luxurious car manufacturer Ferrari announced that it now accepts Dogecoin as a form of payment for luxury vehicles in the United States. The acceptance of this popular cryptocurrency is part of Ferrari’s strategy to cater to a broader customer base and keep up with current market trends.
By accepting Dogecoin as a form of payment, the Ferrari redefines the standards in luxury automotive with a bold and innovative move.
Ferrari Accepts Dogecoin as Payment
Before Dogecoin’s arrival, it was possible to pay using Bitcoin (BTC), Ethereum (ETH), or USDC. To facilitate the easier payment procedure, Ferrari announced the option of paying for premium automobiles in the US with Bitcoin and other cryptocurrencies in 2023, with intentions to expand this option to Europe in the near future.
As expected, Ferrari has just adopted the cryptocurrency Dogecoin as a payment method. Ferrari has also partnered with cryptocurrency payment platform BitPay for US-based sales.
Enrico Galliera, holding the position of Ferrari’s Chief Marketing and Commercial Officer, spoke to Reuters about new developments. According to Galliera, customer and dealer demand led Ferrari to this decision.
This will allow us to reach people who may not be our regular customers, but who can now afford a Ferrari.
Enrico Galliera, Ferrari’s Marketing and Commercial Director
With the recent correction in the crypto market, Dogecoin’s price has fluctuated by 7%, around $0.081, and then reached $0.088. In a broader market recovery context, Dogecoin has recorded a 10% increase in two weeks, reaching $0.088.
Environmental Concerns and Volatility Mitigation
Despite worries about the carbon impact of cryptocurrency, Ferrari has reassured about minor problems, citing code improvements. In order to address environmental worries and price fluctuations associated with Dogecoin, BitPay facilitates the conversion of these digital transactions into fiat currency for Ferrari dealers.
Galliera stated that they are closely analyzing data regarding the environmental impact of various cryptocurrencies as part of their commitment to being carbon neutral by 2030.
Ferrari’s decision to accept Dogecoin is significant, as many automotive manufacturers have hesitated to adopt cryptocurrency payments due to concerns about volatility and regulatory uncertainty. Based on the user’s sentence, there is a recommendation for lawmakers to take a more active role in shaping regulations surrounding cryptocurrencies within the automotive sector.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
