Ferrari Embraces Bitcoin Payments in U.S. Amid Carbon Neutrality Goals
Summary:
Ferrari now accepts Bitcoin (BTC) as a payment method for its cars in America, marking a significant milestone in 2023. The implementation of BitPay, a crypto payment service, allows Ferrari customers across 10 locations, including Washington and Las Vegas, to use cryptocurrencies to buy their models. This decision aligns with Ferrari's commitment to environmental, social, and corporate governance, including goals to be carbon neutral by 2030. CoinFlip CEO Ben Weiss noted that this move can increase cryptocurrency value and adoption, predicting it will influence similar actions from other global companies.
In a landmark move for 2023, Ferrari now allows American customers to purchase their cars using cryptocurrencies such as Bitcoin (BTC), which has been deemed a major market win by CoinFlip CEO, a leading Bitcoin ATM operator. Ferrari is responding to increasing customer demand for alternative payment methods, easing the process for dealers to accommodate these requests. They assure the source of the cryptocurrencies will be confirmed, and any volatility risks tied to exchange rates will be mitigated. Payments will be received in conventional money, as neither the dealers nor Ferrari will deal directly with cryptocurrencies.
Ferrari has implemented BitPay, leading crypto payment service provider, to facilitate these transactions. Esteemed entities like AMC Theaters and electronics retailer Newegg also use BitPay. Ferrari customers in ten American locations including Washington and Las Vegas can now use their cryptocurrency to acquire flagship Ferrari models like the SF90 Stradale, Ferrari Purosangue, Daytona SP3, among others.
Ben Weiss, CoinFlip CEO, notes Ferrari's acceptance of crypto payments as significant for the entire market. He specifies: "Their notable reputation can increase adoption, cryptocurrency value, and consumer confidence". Weiss points out that Ferrari's pioneering adoption could also tempt lawmakers to establish definitive regulatory frameworks. He predicts this initiative from Ferrari will prompt more established global companies to accept Bitcoin payments.
Ferrari’s choice to integrate cryptocurrency payments aligns with its wider environmental, social, and corporate governance plans, according to a company spokesperson. They highlighted the role of assessing cryptocurrencies' environmental impact data in this decision, underlining Ferrari's goal of achieving carbon neutrality by 2030.
In related news, reports from industry experts reveal that renewable sources powered over 50% of Bitcoin mining energy by mid-September 2023. Yet, Elon Musk's Tesla hasn't resumed BTC payment acceptance since suspending such a method in 2021 over sustainability issues.
CEO Weiss piqued our interest by alluding to Musk’s potential in promoting crypto adoption across his social media platform X, previously known as Twitter. He added that due to Musk's extensive experience dealing with payments from his PayPal era, crypto could be a natural choice for payments through the social media platform.`
Tesla has released a document titled "What You Need To Know If You Use Bitcoin," enumerating several data about the digital asset, including the irrevocable nature of Bitcoin payments. It cautions users to ensure they enter the correct Bitcoin price in requisite fields and double-check the Bitcoin address.
Published At
11/16/2023 10:50:49 AM
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