Ferrari extends crypto payment to Europe

[NotATether]

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.

But Saudi Arabia and the UAE and other gulf countries have their own ways of getting sports cars. They don't need to buy it directly from the manufacturer, they can just go whatever importer is bringing Ferraris into their country and buy from there. I think that's how they've always been doing it. Plus, they're not too crazy about Bitcoin over there and prefer to use wire transfers.

[CageMabok]

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.

Apart from this being good news for the crypto community and Bitcoin holders, it also doesn't surprise or surprise me because before there was news like this there were already many other institutions that had adopted payments like this in other large companies. So this will certainly trigger movement and interest from other companies such as Ferrari to do the same thing because it is time to do something like that now. And one more thing is that every payment using this method can also be simpler and accurate enough so that it doesn't cause any difficulties for the recipient.

[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.

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.

Most of the enterprises and huge companies will choose this way. This is adding a new payment option for their customers. So, if they have a proud crypto investor and holder customer who wants to pay in crypto then this is the solution that they have for him.

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 .

I am not really expecting some big move to the market just because of this and that's because there were news in the past that were like this and the market didn't moved a lot. But soon in the future, this might give that additional demand for Bitcoin.

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.

But Saudi Arabia and the UAE and other gulf countries have their own ways of getting sports cars. They don't need to buy it directly from the manufacturer, they can just go whatever importer is bringing Ferraris into their country and buy from there. I think that's how they've always been doing it. Plus, they're not too crazy about Bitcoin over there and prefer to use wire transfers.

As for UAE, I think Binance has headquarters there and the adoption there is slowly growing. They're starting to become crypto-friendly. It's just a thought of mine though since I usually see a lot of sports car there and who knows that there have been crypto millionaires there that would like to purchase one for themselves through this type of mean.

[Taskford]

They always say like that but I don't know if they already implemented it since last year there's running article about Ferrari to accept crypto but missed out the development if they really implemented it already.

Also Rikafip already tackled this discussion before way back 2023 about ferrari to introduce BTC for payments here check this thread https://bitcointalk.org/index.php?topic=5470286.0

But its really good development seeing that there's good improvement has been done in terms of BTC acceptance on big companies like Ferrari. Hope to see the acceptance became more wider like adopting it globally since this might provably give additional demands for bitcoin.

[bakasabo]

Will this service be really demanded that much? I remember Tesla was accepting Bitcoin once, but they never shared any statistics if such opportunity of paying in crypto were really popular. I expect no big hype from such news. Do people even often buy Ferrari cars in Europe? Imo, those who can afford to buy a Ferrari, will do it with fiat, and prefer to continue holding crypto.

[legendbtc]

Will this service be really demanded that much? I remember Tesla was accepting Bitcoin once, but they never shared any statistics if such opportunity of paying in crypto were really popular. I expect no big hype from such news. Do people even often buy Ferrari cars in Europe? Imo, those who can afford to buy a Ferrari, will do it with fiat, and prefer to continue holding crypto.

There will be no hype around this news as it is not a big news because as you said, we don't have any statistics on the number of bills paid with bitcoin. Not to mention, what is the purpose of Ferrari accepting bitcoin? Are they looking to use bitcoin or are they just taking advantage of bitcoin's reputation to make themselves more famous? This is a supercar brand and their customers are only from the wealthy segment, not the masses, so I really doubt that many customers will use bitcoin to pay. Also, rich people are also using bitcoin to protect their privacy, I don't think they will use it in public places to be tracked.

[Rikafip]

Will this service be really demanded that much? I remember Tesla was accepting Bitcoin once, but they never shared any statistics if such opportunity of paying in crypto were really popular. I expect no big hype from such news. Do people even often buy Ferrari cars in Europe? Imo, those who can afford to buy a Ferrari, will do it with fiat, and prefer to continue holding crypto.

What you are missing here is the fact that probably the most legendary car manufacturer is actually accepting bitcoin payment for their cars (true, via payment processor, but still) which means that more and more people will start seeing bitcoin as an actual money and not some scam (which unfortunately many still do).

Also, rich people are also using bitcoin to protect their privacy, I don't think they will use it in public places to be tracked.

(Smart) Rich people (and not only them) are using bitcoin to fight the inflation. And if you think that they are using bitcoin to protect their privacy, have you ever tried buying luxury car/house/yacht etc via bitcoin or cash, completely anonymously? Good luck with that.

[letteredhub]

Will this service be really demanded that much? I remember Tesla was accepting Bitcoin once, but they never shared any statistics if such opportunity of paying in crypto were really popular. I expect no big hype from such news. Do people even often buy Ferrari cars in Europe? Imo, those who can afford to buy a Ferrari, will do it with fiat, and prefer to continue holding crypto.

What you are missing here is the fact that probably the most legendary car manufacturer is actually accepting bitcoin payment for their cars (true, via payment processor, but still) which means that more and more people will start seeing bitcoin as an actual money and not some scam (which unfortunately many still do).

Am in agreement with this, we shouldn't look at how much drmands through bitcoin  Ferrari can make, that's not you and I business to know even when they choose to keep it a secret, and moreover Ferrari is not one of those cars that are known for much demands as Toyota because it's a class confined car. Just as Rikafip said, this action has the ability to cause a transformational change of mind and perspective away from the falsehood some persons may have conceived about bitcoin technology, because such a giant company Ferrari won't associate it name with a scam tech.

[Stalker22]

Will this service be really demanded that much? I remember Tesla was accepting Bitcoin once, but they never shared any statistics if such opportunity of paying in crypto were really popular. I expect no big hype from such news. Do people even often buy Ferrari cars in Europe? Imo, those who can afford to buy a Ferrari, will do it with fiat, and prefer to continue holding crypto.

You are probably right about the number of Ferraris currently being purchased with cryptocurrency.  The sales volume likely remains low.  However, consider Ferrari's decision from a branding perspective.  Accepting Bitcoin represents an embrace of the future - a willingness to evolve with changing times and  its a statement of relevance. 

When major celebrities endorse a product, interest and intrigue follow.  Ferrari accepting Bitcoin could have a similar impact, sparking curiosity in the minds of luxury consumers.  This could drive new adoption or at least lend an air of legitimacy.  So while few may crypto-purchase prancing horses today the move symbolizes so much more.  Ferrari sees where things are headed.  And where Ferrari goes, others will certainly follow.

[bitbollo]

Many years ago I bought a sportive cars and the dealers request 20% for the payment with btc. My answer was just "no"... since any kind exchange was doing a better rate

But in any case, here in Italy we have already a bank that allow to store (include sell and buy) bitcoin! probably one of the rarest cases of a btc friendly service...  Of course with debit card (both physically and virtual one)....
I know many early adopter that have exchanged big chunks of their holding on that way... probably this is one of the easiest way for buy a car (just exchange btc).

Ferrari (like tesla some years ago) maybe are trying to get some hype / free marketing accepting btc payment.... I don't know if this has been already clarified but what they will do with these coins? Personally I will find as much much more interesting if they are starting to hodl....

[bakasabo]

Will this service be really demanded that much? I remember Tesla was accepting Bitcoin once, but they never shared any statistics if such opportunity of paying in crypto were really popular. I expect no big hype from such news. Do people even often buy Ferrari cars in Europe? Imo, those who can afford to buy a Ferrari, will do it with fiat, and prefer to continue holding crypto.

What you are missing here is the fact that probably the most legendary car manufacturer is actually accepting bitcoin payment for their cars (true, via payment processor, but still) which means that more and more people will start seeing bitcoin as an actual money and not some scam (which unfortunately many still do).

I think that actually that wont work in this way. Brand Ferrari is well known, but this is not a brand for everyone. It might turn vision of Bitcoin, that it is for selected people only. But what I also think about this move by Ferrari, that this might be a move of desperate. That their sales are so bad, that they make this Bitcoin payment available, so that those who can buy their cars, could skip crypto>fiat convert. For example you are rich, but your money is in crypto, you hesitate to buy an expensive car, because you dont want to bother with taxes, converting, legality of funds and etc. Ferrari offer to skip that stage, but just buy their car.

[Rikafip]

I think that actually that wont work in this way. Brand Ferrari is well known, but this is not a brand for everyone. It might turn vision of Bitcoin, that it is for selected people only.

Lol you serious? Smh...

But what I also think about this move by Ferrari, that this might be a move of desperate. That their sales are so bad, that they make this Bitcoin payment available, so that those who can buy their cars, could skip crypto>fiat convert. For example you are rich, but your money is in crypto, you hesitate to buy an expensive car, because you dont want to bother with taxes, converting, legality of funds and etc. Ferrari offer to skip that stage, but just buy their car.

That's not how taxes work and those who are buying Ferrari with it won't magically avoid paying taxes. Its not like you are buying Ferrari anonymously from some random guy but instead from the official seller.