Ferrari introduced BTC payment option for their cars

[Rikafip]

As the title says, Ferrari (who I believe doesn't need introduction) announced that they are accepting bitcoin payments for their cars. They are not accepting BTC (and a few other cryptocurrencies) directly but instead via Bitpay but its still a good thing for bitcoin when probably the most legendary car manufacturer decided to accept it even through a 3rd party.

For now its only for US market but they plan to expand it to Europe too.

Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

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."

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[Russlenat]

For such a big company, I'm certain there's a significant impact on the market. It seems like we are now witnessing more significant news related to Bitcoin, and it appears to be gearing up for a new bull run. For us to have an idea on its potential impact on the market, as per... ; Market capitalization of Ferrari (RACE) it's marketcap as of October 2023 is $56.40 Billion. Just imagine the positive impact it will have on adoption.

[pooya87]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari. In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.

In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.

[Wind_FURY]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari. In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.

In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.

Plus those rich nocoiners who want to buy a Ferrari won't do, "Buy Bitcoin -> Then buy Ferrari", probably except if Ferrari offered their cars with a good discount if the purchase was made through Bitcoin. For the same price it would be inefficient because why not buy the Ferrari directly with their fiat? It doesn't prove anything from the viewpoint that Bitcoin is making markets more efficient. It's merely "propaganda", merely "puff", "hype" for the people in general.

Although, from a viewpoint of a HODLer, it's very good.

[Z-tight]

Too many people consider BTC an investment rather than electronic money, and i'm sure they'll not want to spend their BTC on a car or anything that's as expensive as a Ferrari. Since they are accepting BTC, Ether and USDC for now, i think that if their customers want to pay with crypto, they will probably do so with USDC which is a stable coin, because to the customers it will feel like they are spending fiat and aren't losing a valuable asset.

probably except if Ferrari offered their cars with a good discount if the purchase was made through Bitcoin.

"Prices will not change, no fees, no surcharges if you pay through cryptocurrencies," Galliera said.

[Rikafip]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari.

Well, not many people buy Ferrari in general (they sell 10-15k cars per year which is nothing compared to let's say Toyota who sells 10 million) but there's still decent amount of nouveau riche crypto millionaires who like to flex with expensive cars so there will be some interest.

Plus those rich nocoiners who want to buy a Ferrari won't do, "Buy Bitcoin -> Then buy Ferrari", probably except if Ferrari offered their cars with a good discount if the purchase was made through Bitcoin. For the same price it would be inefficient because why not buy the Ferrari directly with their fiat?

No shit, Sherlock.

It's merely "propaganda", merely "puff", "hype" for the people in general.

I would agree with you if Ferrari accepted it at the peak in 2021 just to ride the hype train, but they accepted it at the entirely different time when bitcoin is far from all time high. Imho, its a good marketing move as crypto millionaires are usually connected with lambos (which I thought is overblown until I visited Dubai) so why not try to get into that market too?

Too many people consider BTC an investment rather than electronic money, and i'm sure they'll not want to spend their BTC on a car or anything that's as expensive as a Ferrari.

Buddy, people are buying all kind of crazy stuff with bitcoin. Hell, few years ago I bought my father a car with bitcoin money (not Ferrari ofc lol but a decent Nissan) and I am far from rich so you can imagine what those who have millions (and often lack of brain) do with crypto money.

[Queentoshi]

It's merely "propaganda", merely "puff", "hype" for the people in general.

And the propaganda is already working because somehow the Ferrari name already has found its name to this forum and discussing about it is a kind of indirect marketing strategy for them. The more this new development is talked about, the more the name Ferrari sell, remembered by those who may have forgotten it, or now known by those who never knew the name. Especially now while a Halving is expected, many people treasure their bitcoins like their life.

[mk4]

For such a big company, I'm certain there's a significant impact on the market. It seems like we are now witnessing more significant news related to Bitcoin, and it appears to be gearing up for a new bull run. For us to have an idea on its potential impact on the market, as per... ; Market capitalization of Ferrari (RACE) it's marketcap as of October 2023 is $56.40 Billion. Just imagine the positive impact it will have on adoption.

Ehh, it's definitely good news but it'll be a 'meh' event in the grand scheme of things — for both bitcoin and Ferrari. Highly highly likely that the number of customers that will use BTC and not credit/debit will be less than 1% of customers.

[crwth]

Wow. We are really building up on some big motions by big companies that really have that push towards the acceptance of cryptocurrencies in payments of their services and products. It's really going in that direction IMO.

It can have somewhat an effect but at least it's announced so maybe a lot of other big companies will follow suit.

[Nrcewker]

That’s a great news to be honest. Now due to bitpay, those who have some savings in the form of Bitcoins can use it to purchase the legendary car Ferrari. But I have a doubt that, as the amount will be big, so they won’t ask for verification etc? Will follow this news to check who are the persons who will spend the Bitcoins to buy these cars. It will be easier for them to implement this in European countries, but for Asian countries it will be really tough.

[pooya87]

Too many people consider BTC an investment rather than electronic money, and i'm sure they'll not want to spend their BTC on a car or anything that's as expensive as a Ferrari.

That's true but also even for those bitcoiners that have adopted bitcoin as a currency, not that many  have large amounts of bitcoin accumulated to be willing to spend a large portion of it (something like 7BTC) for a car.

[FatFork]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari.

You think? Sure, not every Bitcoin holder is dreaming about blowing their stash on a shiny new Ferrari. But you can't deny there are definitely some enthusiasts who love spending on extravagant toys. At the same time, it's important to remember that even today, a ton of high-end buys still happen with untraceable cash - for various reasons you know? I was reading that something like 10% of new luxury car sales in America are straight up cash money and  so bitcoin offers more convenience there, letting people bypass the banks as middlemen.

In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.

Mask is a well-known manipulator who consistently prioritizes his own interests. He certainly has a track record of making moves that serve his personal agenda.

[TheUltraElite]

It targets those rich customers who have bitcoins and are in a position to afford a Ferrari. Not the plebs who have bitcoin in a single digit and dreams of the moon. For the time being, this is a news that may have some positive impact on the price albeit temporary. Race cars getting bitcoin in payment systems does not titillate the general public much.

Lets not give much importance to this news but continue accumulating coins like we have been.

[348Judah]

As the title says, Ferrari (who I believe doesn't need introduction) announced that they are accepting bitcoin payments for their cars. They are not accepting BTC (and a few other cryptocurrencies) directly but instead via Bitpay but its still a good thing for bitcoin when probably the most legendary car manufacturer decided to accept it even through a 3rd party.

Their target is to help promote the brand name Bitpay as they would have signed an agreement to make use of their payment network to introduce bitcoin for payment, i also read about the recent one that another car brand which is Honda have also accept the payment for their cars in bitcoin, even though theirs may not be directly through a third party institution, but the joy is in seing how bitcoin is getting more attention and attractive considerations for adoption and if all the well recognized brands and organizations are adopting bitcoin, it will soon be the turn for the governments to also join in making it a legal tender if they haven't.

[Helena Yu]

Bitcoin price is still hovering around $26,8K~ ish, where's the pump? lol.

That’s a great news to be honest. Now due to bitpay, those who have some savings in the form of Bitcoins can use it to purchase the legendary car Ferrari. But I have a doubt that, as the amount will be big, so they won’t ask for verification etc? Will follow this news to check who are the persons who will spend the Bitcoins to buy these cars. It will be easier for them to implement this in European countries, but for Asian countries it will be really tough.

Doesn't matter whether you're only trade small amount or big amount of money, as long as the merchant is using Bitpay, you as a customer will need to perform KYC. Bitpay is a hosted payment processor, not self hosted payment processor e.g. BTCPay where you don't need to fulfill KYC. But I believe a big company like Ferrari was already get pressured by the government to follow the regulation.

10. BitPay ID

BitPay is required by applicable laws and regulations to collect certain information about Shoppers for transactions and refunds over a certain size and, in some regions, for any transaction. This Shopper verification process is called BitPay ID. You can create a BitPay ID at any time. BitPay ID is subject to its own Terms of Use, available here: bitpay.com/legal/terms-of-use. Information on BitPay ID is available in our FAQs: support.bitpay.com/hc/en-us/articles/360037486651-How-do-I-complete-the-BitPay-ID-process-.

[stompix]

The lack of enthusiasm is depressing...
Remember the good old days of "When Lambo?' when goat actually bought a Lambo with BTC? 
What do all plan on doing with these coins, keep it till they reach one quadrillion and by that time they're too old deaf, or visually impaired to even drive a car have the seed inscribed on the top of the coffin so you might exchange them to afterlife coins on some cosmic dex?

It's a "A Peer-to-Peer Electronic Cash System" it is supposed to buy things, and Ferrari is selling things, it's like a perfect match!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!

[blckhawk]

It seems that someone trying to do what Tesla did the last time, hopefully this would be something that's going to last and not just a mere rugpull like what Tesla did. Is there going to be a catch when you purchase with bitcoin though? I feel like there is a catch because bitcoin isn't really in the bull run phase right now. In regards to Ferrari's decision, I believe that it's an outstanding move given that bitcoin's cheap right now and they can get more bitcoin out of 1 car that they're going to sell, hopefully they have marketing that's going to encourage people to use bitcoin to buy their Ferraris.

[Poker Player]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari.

Well, not many people buy Ferrari in general (they sell 10-15k cars per year which is nothing compared to let's say Toyota who sells 10 million) but there's still decent amount of nouveau riche crypto millionaires who like to flex with expensive cars so there will be some interest.

I do think it's good news and I see more sense for those who can afford it to pay for a Ferrari with Bitcoin than to pay for coffees. As for the difference between Ferrari and Tesla, I would say that whoever can afford the Ferrari is so rich that probably yes he will be inclined to pay for the Ferrari with Bitcoin after a good rise in bull market. A Tesla is more middle class and undoing an investment such as Bitcoin to pay for a liability that depreciates does not make much sense but the Ferrari is upper class, people whose assets generate profits that exceed their level of consumption.

It's a "A Peer-to-Peer Electronic Cash System" it is supposed to buy things, and Ferrari is selling things, it's like a perfect match!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!

You may have missed this:

They are not accepting BTC (and a few other cryptocurrencies) directly but instead via Bitpay ...

This doesn't seem like P2P to me. In addition to the fact that it is obviously a KYC purchase.

[Renampun]

As the title says, Ferrari (who I believe doesn't need introduction) announced that they are accepting bitcoin payments for their cars. They are not accepting BTC (and a few other cryptocurrencies) directly but instead via Bitpay but its still a good thing for bitcoin when probably the most legendary car manufacturer decided to accept it even through a 3rd party.

For now its only for US market but they plan to expand it to Europe too.

Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

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."

Ferrari is one of the biggest sports car brands in the world, Ferrari management is well aware that Bitcoin and other cryptocurrencies cannot be rejected, moreover they also have an investigation team that studies market habits and also young investors, I wonder if this is a domino effect from Honda accepts payments via cryptocurrency, in the future it seems more and more luxury car manufacturers will adopt bitcoin, that will definitely happen.

[digaran]

If you have 10k Bitcoins, why not spending a few to buy a car like that? How long are you gonna live to say it's not worth it? You should also buy other cars as well, just don't forget to put a young virgin on the front seat with a large golden medal with BTC carved into it and a sun glass with pink stars. Cuban cigar in one hand and a rolex in another hand.

Isn't this the "rich" descriptions depicted in medias? 😉  
The only good thing coming out of buying a ferrari is that such cars are pussy magnets, you just need to ride one car in order to ride dozens of pussies.🤣