Ferrari extends crypto payment to Europe

[letteredhub]

With more and more prominent institutions taking the bull by the horns in adopting çrypto, Ferrari is not slacking behind too as they have right now extended their  payment option for their products in crypto to European dealers too. At first it was just within the United States of America but now they have extended it to Europe and I think this is a good news for the crypto community as we all anticipates towards a $100k+ price rise and above for bitcoin before/after the end of this year 2024.

However, during its US launch, the company collaborated with BitPay to accept payments in Bitcoin, Ethereum and the stablecoin USDC. source

[Odusko]

Ferrari have been one of those companies that are cryptocurrency firendly this is a big advantage to the company because their annaunce earlier that their were going to expand their cryptocurrency payment features to other regions, also I thought I already read somewhere that Ferrari now accept Bitcoin and ethereum in the United States or so, I will search for that thread and share the link here.
Ops may need to lock this thread if I am able to get hold of that existing thread where Ferrari latest cryptocurrency payment acceptance discussion already taking place.

[Davidvictorson]

I think this is the most important part of the article.

According to the statement at that time, the aim of this move was cater the growing demographic of tech-savvy clientele. The decision to expand these services into Europe comes as a continued effort to meet the evolving preferences of its customer base, according to a press release.

I am one to encourage businesses to adopt cryptocurrency as part of their payment option. However I am against the idea of doing it because other people are doing it. It should be backed with evidence and the evidence is what we can see from the quoted text in the article. What this translates into is increasing clients base and increase in revenue.

[Die_empty]

I am one to encourage businesses to adopt cryptocurrency as part of their payment option. However I am against the idea of doing it because other people are doing it. It should be backed with evidence and the evidence is what we can see from the quoted text in the article. What this translates into is increasing clients base and increase in revenue.

Ferrari is a business that wants to increase and satisfy it's client base and they observed that adopting crypto payment will assist them in doing that. From the quoted post there is an increase in the demand of Ferrari by the tech-savvy population and the company needs to take advantage of it. Maybe after researching these new targets, the company deduced that having a crypto payment option would increase sales. The majority of these tech-savvy individuals are young workers and many of them might want to pay for Ferrari in cryptos.

With more and more prominent institutions taking the bull by the horns in adopting çrypto, Ferrari is not slacking behind too as they have right now extended their  payment option for their products in crypto to European dealers too. At first it was just within the United States of America but now they have extended it to Europe and I think this is a good news for the crypto community as we all anticipates towards a $100k+ price rise and above for bitcoin before/after the end of this year 2024.

However, during its US launch, the company collaborated with BitPay to accept payments in Bitcoin, Ethereum and the stablecoin USDC. source

This is a welcome development. Seeing Bitcoin being accepted as money by major organizations is a good thing since it promotes Bitcoin as a legal tender. Nevertheless, Ferrari wants to accept cryptocurrencies for their selfish interest and not to promote the coin.

[Smartvirus]

I think this is the most important part of the article.

According to the statement at that time, the aim of this move was cater the growing demographic of tech-savvy clientele. The decision to expand these services into Europe comes as a continued effort to meet the evolving preferences of its customer base, according to a press release.

I am one to encourage businesses to adopt cryptocurrency as part of their payment option. However I am against the idea of doing it because other people are doing it. It should be backed with evidence and the evidence is what we can see from the quoted text in the article. What this translates into is increasing clients base and increase in revenue.

Most obviously it seems as, they are unto the cryptocurrency adoption with a purpose, far from just another means of exchange but, to open its aims to the tech savvy clients which in turn serves as a form of encouragement to the entire cryptocurrency community as well. Not just another strategy towards running a business as it was the case with Tesla. Ferrari remains some of the giants in the F1 racing, hope they would reflect if not already, the whole Bitcoin or cryptocurrency idea in the sport.

[Nwada001]

This is a good one. It's been almost a year now since they started accepting bitcoin and other cryptocurrencies in their US branch. For them to make a move to start accepting them across Europe, they could only state one thing, which is that they are very profitable with the first one, and their demand for it will also be on the high side across Europe. This might not have any impact on the market, but it shows how the demand for the use of cryptocurrency is increasing on a regular basis.

[tabas]

As they use a third-party service - Bitpay, they want to be sure that the crypto paid to them will be converted quickly into cash/fiat. That's what they want and they can avoid crypto's volatility. That's actually a good market for them to take over not just in the US but also in European countries. Soon, what other markets are they going to cover, and will start receiving payments in crypto? Middle East I guess as that's a huge market there and there are countries like UAE and Saudi Arabia that are avid customers of sports cars like Ferrari. And then, "when Lambo" is going to be the next? I guess folks here still remember those two words.

[AmoreJaz]

This is a good one. It's been almost a year now since they started accepting bitcoin and other cryptocurrencies in their US branch. For them to make a move to start accepting them across Europe, they could only state one thing, which is that they are very profitable with the first one, and their demand for it will also be on the high side across Europe. This might not have any impact on the market, but it shows how the demand for the use of cryptocurrency is increasing on a regular basis.

As they are seeing that the adoption of crypto payment is getting wider, they don't want to be left behind. This is just another payment method added to their list so as to cover potential clients who are into crypto. Merchants and other companies are already trying to integrate crypto payment, so we will see more of them up until it is just a normal move for any business owner to do.

Microsoft, Amazon and Starbucks are just few known companies that are already deploying crypto payment in their system. And there's a lot more on this list. Paypal created a noise when they announced the integration of crypto. The following currencies are currently supported by this platform. Consider their number of users, and somehow some of them will be interested in exploring their crypto services.

https://www.paypal.com/us/cshelp/article/paypal-cryptocurrency-faqs-help565

[buwaytress]

Wow so amazing, because before this, it was impossible for anyone with Bitcoin to buy a Ferrari directly by transacting P2P on chain. Oh wait, it's still impossible for anyone to buy a Ferrari with Bitcoin by transacting P2P on chain. Correct news headline: Ferrari Europe figures out how to install new 3rd party payment processor.

[BlackBoss_]

I have very big question.

If Bitcoin investors cash out their bitcoins, to have cash that will be used for purchasing a car, they will be taxed. So with this Bitcoin payment directly to buy a car, how will tax be applied?

Will tax be the same as when a Bitcoin investor cashing out bitcoin to cash?

I guess it will be applied a same tax policy, with cash or with Bitcoin, because governments will not create a hole for people to avoid tax by using Bitcoin directly for their spending.

[Poker Player]

I think this is the most important part of the article.

According to the statement at that time, the aim of this move was cater the growing demographic of tech-savvy clientele. The decision to expand these services into Europe comes as a continued effort to meet the evolving preferences of its customer base, according to a press release.

Surely they are aware that younger millionaires have either made money in cryptocurrencies, or if they have made money otherwise, have a significant portion of their portfolio in cryptocurrencies.

I have very big question.

If Bitcoin investors cash out their bitcoins, to have cash that will be used for purchasing a car, they will be taxed. So with this Bitcoin payment directly to buy a car, how will tax be applied?

Will tax be the same as when a Bitcoin investor cashing out bitcoin to cash?

I guess it will be applied a same tax policy, with cash or with Bitcoin, because governments will not create a hole for people to avoid tax by using Bitcoin directly for their spending.

Yes, they will still have to pay taxes, as long as when they buy the Ferrari the price of the Bitcoin is higher than when they bought it. In that sense, switching to fiat and paying with Bitcoin create the same taxable event before the tax authorities. But surely they save fees and a lot of time. If you have to change $0.5M of Bitcoin to Euros, and then transfer it, it will cost you much more time than the average ten minutes it will cost you if you send it directly using the blockchain.

[kryptqnick]

Crypto payments are adopted here in a way that the funds are immediately converted into fiat after a transaction. So that doesn't lead to active use of cryptos by European or US car dealers, but it does allow customers to pay with cryptos if they want. It is not a bad option, even though it's not full-on adoption. It's also nice to see that Ferrari has further plans on international adoption of crypto payments for their cars in other countries where cryptos are legal.
I'm still not sure how such transactions work tax-wise in countries where cryptos are considered assets, property, or something similar. Do customers have to pay taxes for selling their cryptos for fiat in this scenario?

[B1-66ER]

Ferrari = Fiat; Crypto = Shitcoin.

Going to wait for a Lambo with Bitcoin.

[Zeeloth]

It is great to see more major companies like Ferrari embracing crypto payments. However, when using crypto for transactions, especially in online casinos or playgrounds, it's crucial to do thorough comparisons with other places.

[Dave1]

With more and more prominent institutions taking the bull by the horns in adopting çrypto, Ferrari is not slacking behind too as they have right now extended their  payment option for their products in crypto to European dealers too. At first it was just within the United States of America but now they have extended it to Europe and I think this is a good news for the crypto community as we all anticipates towards a $100k+ price rise and above for bitcoin before/after the end of this year 2024.

However, during its US launch, the company collaborated with BitPay to accept payments in Bitcoin, Ethereum and the stablecoin USDC. source

It's not the first time though that we heard a major car dealer accepting crypto as a payment scheme.

(a) Toyota Dealers accepting crypto

But in any case, I'm not surprised by this news. Crypto again is gaining grounds and for sure Ferrari's top brass knows that they have high end clients that could be into crypto and that is the main reason why they incorporated it now as another means of payment to them.

[NotATether]

I think this is the most important part of the article.

According to the statement at that time, the aim of this move was cater the growing demographic of tech-savvy clientele. The decision to expand these services into Europe comes as a continued effort to meet the evolving preferences of its customer base, according to a press release.

I am one to encourage businesses to adopt cryptocurrency as part of their payment option. However I am against the idea of doing it because other people are doing it. It should be backed with evidence and the evidence is what we can see from the quoted text in the article. What this translates into is increasing clients base and increase in revenue.

Well technically, Lamborghini has always been accepting payments in Bitcoin for so many years. So I guess you can say that every supercar manufacturer is doing it to copy them

On a more serious note, it's clear that people in the US and the EU have the most cryptocurrency holders, and not only that but they hold the largest amounts in Bitcoin and so they should easily be able to afford the price.

[Kelward]

This move by Ferrari, to extend it's crypto acceptance as payment in Europe, clearly shows the extent of cryptocurrency adoption around the world. I know that this gesture by Ferrari, will encourage other international and local companies that have not been accepting Bitcoin to consider doing so. Bitcoin has passed the stage where individuals and institutions were afraid whether the value will diminish and become shitcoin. It's market cap clearly indicates that it's an asset that is a store of value and as it's adoption keeps increasing, the price will also be increasing on the long term.

[fuguebtc]

As they use a third-party service - Bitpay, they want to be sure that the crypto paid to them will be converted quickly into cash/fiat. That's what they want and they can avoid crypto's volatility. That's actually a good market for them to take over not just in the US but also in European countries. Soon, what other markets are they going to cover, and will start receiving payments in crypto? Middle East I guess as that's a huge market there and there are countries like UAE and Saudi Arabia that are avid customers of sports cars like Ferrari. And then, "when Lambo" is going to be the next? I guess folks here still remember those two words.

Whether they will hold bitcoin or will convert it to fiat immediately after receiving payment, it really doesn't matter because they are businesses and they need to ensure their profits and safety . Bitcoins are so volatile that converting them to fiat is completely understandable if we just think of it as a means of payment for our business.

This news will not have an immediate impact on bitcoin but it is good for bitcoin's popularity in the long term . Ferrari is making bitcoin more popular as a payment method and this also proves that bitcoin is not just an investment as many people think .
Ferrari will be able to attract customers who are bitcoin investors and bitcoin will become more popular with this type of news .

[Nrcewker]

Definitely this is positive news, and as we know, whenever there is one positive information, the market and the Bitcoins go up in the chart. This movement was also seen this time. We saw bitcoins rushing towards 66k USD from 58k USD in a few hours. So yes, if, like Ferrari, other major brands, start accepting Bitcoins, etc., then definitely more people will show interest in holding coins, and it will result in the price going up. Well done, Ferrari, I must say. 

[crwth]

They definitely know how much money are going into cryptocurrencies and how much it is worth and how possibly people could get that amount in cryptocurrency and not just in the traditional money. Having a large company that caters to a lot of elite people that would definitely push some more money and possibly grow cryptocurrency audience. I just hope that they would get into it and put it as their asset you know.