Ferrari introduced BTC payment option for their cars

[traderethereum]

Even though it was good news because it came from the automotive manufacturer Ferrari, I was not too enthusiastic about buying it because I would rather use Bitcoin for other more useful things.
But some rich people will buy a Ferrari using bitcoin because owning a Ferrari is a matter of pride and can raise their status among other rich people.
Maybe some young crypto investors are also interested in buying a Ferrari using bitcoin, but for other investors, they won't buy the Ferrari.
After all, buying a Ferrari means someone is very rich and not for most people, especially for small bitcoin investors.

[Rikafip]

It's good news, but it would have made a very big difference, and it would have been the best news, if the announcement was that they self-hosted a payment processor with BTCPay Server and accepted ONLY Bitcoin, https://btcpayserver.org/

Again, what you (and many others) don't understand is that we won't wake up in a world where everyone goes from not accepting bitcoin in any way, to accept it directly P2P as Satoshi initially envisioned. This is a process and during this period payment processors are necessary and I think that it would be much worse if we didn't even have those as that would mean way less ways to use bitcoin for what it was intended after all.

2 years ago I had to buy a new laptop and since I wanted to pay it with bitcoin (BTC price was very good so why not) I had 2 options: sell Bitcoin for cash and pay 3-4% fee at crypto exchange (I wanted to avoid bank transfers) or pay for laptop using PayCek (popular Croatian payment processor) directly on retail site. I of course chose option nr 2 as it was faster, less hassle and also cheaper.

Or I could have maybe been stubborn and say "unless retailers don't accept bitcoin directly, I won't use it". Then again, why would retailers even introduce direct bitcoin payment if they don't first see people paying via payment processor?

Plus many users are not that excited because perhaps they're more educated in what's truly good for Bitcoin and what's not. The puff-pieces will not work anymore.

No one expects that these ekind of news pump bitcoin price as those days are long behind us and I know that in the grand scheme of things they don't mean much, but I don't see how this is not a good news for bitcoin.

[Altryist]

Even though it was good news because it came from the automotive manufacturer Ferrari, I was not too enthusiastic about buying it because I would rather use Bitcoin for other more useful things.
But some rich people will buy a Ferrari using bitcoin because owning a Ferrari is a matter of pride and can raise their status among other rich people.
Maybe some young crypto investors are also interested in buying a Ferrari using bitcoin, but for other investors, they won't buy the Ferrari.
After all, buying a Ferrari means someone is very rich and not for most people, especially for small bitcoin investors.

This is important for adoption, more and more manufacturers are ready to accept payments in cryptocurrencies, everything will happen gradually, step by step, recently Honda did it, now Ferrari is doing it, it is logical to assume that soon most manufacturers will accept cryptocurrencies as payment for cars. And so gradually developers will begin to do this and we will be able to buy real estate with cryptocurrencies and pay for any purchases we want. This is an irreversible process and there is no point in resisting it.

[BlockchainWizard]

It is indeed a step in the right direction, but it will not have much impact on the market. Ferrari will not receive the BTC directly, but they will be exchanged back into the usual fiat beforehand. Nevertheless, I think this news will become more frequent in the future.

[m2017]

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 are famous for their “speed”, but this time they are lagging behind Honda?

The well-known meme about Lambo takes on a new form (Lamborghini not going to accept bitcoin as payment?). Now bitcoiners will drive Ferrari instead of meme Lambo.

Let's start betting on which automaker will be the next to take up the baton in adopting the bitcoin as a means of payment? Just when will they start doing it directly without intermediaries.

Now I don’t know how to feel about such news. Either it’s wonderful that such trends are happening, or auto concerns are doing really badly and sales have fallen, which is why they are trying to attract buyers in this way (to expand markets at the expense of bitcoiners).

[Rikafip]

Now I don’t know how to feel about such news. Either it’s wonderful that such trends are happening, or auto concerns are doing really badly and sales have fallen, which is why they are trying to attract buyers in this way (to expand markets at the expense of bitcoiners).

I don't know how other luxury car manufacturers are performing, but last year Ferrari sold the most cars ever and based on the results from the first half of 2023 this one might be even better so I say that they are doing just fine. Then again, why not make it even easier for potential customers to buy cars, hence BitPay.

[usekevin]

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 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."

[/quote]

This was the another way of good approach to the bitcoin,because the Corporate starts to accept the bitcoin.So the demand of the bitcoin will be high by this.Many of the car buyers will start to adopt the bitcoin for the purchase of bitcoin.So the money flow to the bitcoin will be high,this will increase the price of bitcoin because of the increase in the demand of the bitcoin to the market.The most car manufacturing company was now accepting the bitcoin as their payment.So the other company also follow this adopt of the bitcoin.

[Woodie]

This is a game changer and because this was initiated by customer requests I see this spilling over to other car brands and knowing very well that there is alot of idea borrowing when it comes to the sales business, expect to see the automobile industry ready to jump on the Bitcoin boat and BTC price to jump up very soon.

Hope Elon Musk doesn't feel like a trendsetter in this because he bailed on us and left us for dead after attacking the markets indirectly with his mining comments but not too late to get back onboard.

Btw I wonder what effect Toyota would have if they said they are ready to accept Bitcoin knowing very well they are the largest car manufacturers and Carter for all markets and budgets... Whatever the outcome great move Ferrari.

[darkangel11]

Hope Elon Musk doesn't feel like a trendsetter in this because he bailed on us and left us for dead after attacking the markets indirectly with his mining comments but not too late to get back onboard.

Musk scammed people by doing it. I believe this was a ruse to pump the market and sell into the pump.
Musk bought, announced it, the market pumped, announced that tesla bought as well, market pumped, said that tesla will be accepting payments, market kept pumping, so Musk dumped and said Tesla is no longer accepting it. This is how it went in short.

Btw I wonder what effect Toyota would have if they said they are ready to accept Bitcoin knowing very well they are the largest car manufacturers and Carter for all markets and budgets... Whatever the outcome great move Ferrari.

Much bigger than Ferrari, because how many cars does Ferrari sell compared to Toyota? How many will they sell for bitcoin? 1 a month?
I have enough to buy a Ferrari, but even if I was satisfied with selling my coins now I wouldn't buy such car because I live in a rural area, it wouldn't work. The car would be dirty all the time and I would have to fix the suspension every year.

[pixie85]

It's nice to see that after Honda there's another manufacturer willing to do it.

That said, I doubt they will have a lot of sales, but that's a great way to show that lambo is not the choice you should be making. They're actively fighting the "when moon when lambo" meme by showing that you can't buy a Lambo but you can buy a Ferrari. I've always preferred Ferrari design over Lamborghini and the build quality is a bit higher in Ferraris. Have you seen the plastics in new Lambos?

As for Tesla, I don't want them to accept bitcoin. Fuck Musk, I'm never buying his electric shit. These are not real cars.

[Hamza2424]

2 years ago I had to buy a new laptop and since I wanted to pay it with bitcoin (BTC price was very good so why not) I had 2 options: sell Bitcoin for cash and pay 3-4% fee at crypto exchange (I wanted to avoid bank transfers) or pay for laptop using PayCek (popular Croatian payment processor) directly on retail site. I of course chose option nr 2 as it was faster, less hassle and also cheaper.

Or I could have maybe been stubborn and say "unless retailers don't accept bitcoin directly, I won't use it". Then again, why would retailers even introduce direct bitcoin payment if they don't first see people paying via payment processor?

Using Bitcoin as a payment method can be straightforward for established brands, thanks to their substantial capital, which enables them to navigate this volatile market. However, for small private business owners, it can be quite challenging, especially until Bitcoin gains broader acceptance as a legal tender.

In the business world, it's crucial to balance product demand and supply. Dealing with volatile payments can be a nightmare for small businesses trying to maintain product availability. This situation might persist until they decide to switch from using a stable currency valuation to the Satoshi valuation, which is based on Bitcoin.

[Viscore]

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.

You are right. Bitcoin investors will never spend their bitcoin easily on such luxurious items like sports cars, except if they have lots of bitcoin that is stored in their portfolio and just want to reward theirselves at some point. At the end of the day, Ferrari is not actually promoting bitcoin, but its their strategy to cater to the needs of the wealthy people as most of them are into crypto investments.

[coinremitter]

That's exciting news! Ferrari's decision to accept Bitcoin payments, even through a third-party service like Bitpay, is a significant step in the right direction for cryptocurrency adoption. It showcases the growing recognition and trust in cryptocurrencies within the traditional business world.

When considering crypto payment gateways like Coinremitter, it's essential to understand that they offer numerous benefits. These include competitive processing fees, seamless integration through free-to-use plugins, and enhanced security features. Crypto payment gateways like Coinremitter play a crucial role in expanding the reach of cryptocurrencies for both businesses and customers, making transactions more accessible and efficient.

While this news from Ferrari is specific to the US market at the moment, the plan to expand to Europe shows a growing trend of cryptocurrency adoption on a global scale. It's a testament to the increasing importance of having reliable payment gateways that facilitate cryptocurrency transactions seamlessly.

[NotATether]

That said, I doubt they will have a lot of sales, but that's a great way to show that lambo is not the choice you should be making. They're actively fighting the "when moon when lambo" meme by showing that you can't buy a Lambo but you can buy a Ferrari. I've always preferred Ferrari design over Lamborghini and the build quality is a bit higher in Ferraris. Have you seen the plastics in new Lambos?

Hmm...

I guess the Lambo memes have done a lot to make people associate a person with a Lambo with being a crypto bro, no? I mean, unless they have a car collection that is, then nobody will bother. Because most crypto "bros" cannot afford 10 supercars.

But yeah, I wouldn't fancy myself cheap plastic parts in a prospective car and while we are talking about cars, I would like to mention that I also don't like models which constantly have to be repaired (looking at you, Jaguar & Land Rover) or come with ugly subscriptions to use your car properly (BMW).

[OgNasty]

Very strange that this wasn’t bigger news. I’m surprised this would be the first I’m hearing of it. Nobody really buys Ferraris that care about money anyway though I guess. Hopefully this leads to Tesla accepting Bitcoin for their vehicles again, as that would actually matter and probably make a big market impact given their sales numbers.

[Odohu]

Even though it was good news because it came from the automotive manufacturer Ferrari, I was not too enthusiastic about buying it because I would rather use Bitcoin for other more useful things.
But some rich people will buy a Ferrari using bitcoin because owning a Ferrari is a matter of pride and can raise their status among other rich people.
Maybe some young crypto investors are also interested in buying a Ferrari using bitcoin, but for other investors, they won't buy the Ferrari.
After all, buying a Ferrari means someone is very rich and not for most people, especially for small bitcoin investors.

The first thing that entered my mind was Elon Musk and his Tesla adventure in Bitcoin. Even though it is difficult to know how this one will turn out in the near future, it is a little difficult believing that this will end well for Bitcoin. The memory of Elon Musk is still fresh because it appears like he manipulated the market then for profits. We should not be carried away by these businessmen entering into Bitcoin probably to catch the trend. With or without them, Bitcoin will always remain relevant and popular.

[krishnaverma]

It will have big impact on market and crypto prices. This is because the people buying Ferrari are already very rich people. If. They adopt crypto in some way, it can see huge demand as volume per user will be high. One thing that can fuel the growth even further is some type. Of incentive being given to people paying with crypto.

[mv1986]

Very strange that this wasn’t bigger news. I’m surprised this would be the first I’m hearing of it. Nobody really buys Ferraris that care about money anyway though I guess. Hopefully this leads to Tesla accepting Bitcoin for their vehicles again, as that would actually matter and probably make a big market impact given their sales numbers.

But who cares whether Ferrari accepts Bitcoin or not? I would have been irritated if this was big news to some people. This is really a side note in the grand scheme of things I think and Ferrari accepting Bitcoin is really no incentive at all for Tesla to revise their position. Neither are they competitors for the same target group, nor are they comparable to each other in regards to market power and influence. Ferrari is not even 1/10th of the market capitalization of Tesla.

[fuguebtc]

Very strange that this wasn’t bigger news. I’m surprised this would be the first I’m hearing of it. Nobody really buys Ferraris that care about money anyway though I guess. Hopefully this leads to Tesla accepting Bitcoin for their vehicles again, as that would actually matter and probably make a big market impact given their sales numbers.

But who cares whether Ferrari accepts Bitcoin or not? I would have been irritated if this was big news to some people. This is really a side note in the grand scheme of things I think and Ferrari accepting Bitcoin is really no incentive at all for Tesla to revise their position. Neither are they competitors for the same target group, nor are they comparable to each other in regards to market power and influence. Ferrari is not even 1/10th of the market capitalization of Tesla.

Although this is not too big news and Ferrari cannot be compared to Tesla, Ferrari's popularity is known to most people even those who cannot afford to buy their products. This news is nothing special similar to Honda accepting bitcoin payments nor does it create any hype for bitcoin, but all this news says is that bitcoin is becoming more and more accepted, its popularity is getting wider and wider.

But honestly, I don't think Tesla accepting bitcoin will be good news for bitcoin . I mean what if they accept it and then proceed to eliminate it?

[so98nn]

Well, we already have someone who just gives away Lamborghini with 200 thousand bucks worth of Bitcoin ~ freebitcoin.
Something similar is happening here so I am not surprised that we have a new player. It's definitely a positive note for the Bitcoin holder. More and more realistic products now can be purchased using Bitcoin. Having a tag of branded car manufacturers like Ferrari is definitely a win-win for every one of us.

This will definitely mark as good example in the season of halving also. Many of us might not correlate this but as we know its time for mega ups and downs, things gonna run down to higher prices soon. Who knows, Ferrari might be just taking the taste of this season by launching this new way of payments. Get as much Bitcoin as they can and earn layered profits next year.