Topic: Ferrari extends crypto payment to Europe (Read 374 times)

Well this is official guys you can read it on their site here - https://www.ferrari.com/en-EN/corporate/articles/ferrari-extends-cryptocurrency-payments-to-european-dealers

"FERRARI EXTENDS CRYPTOCURRENCY PAYMENTS TO EUROPEAN DEALERS
Maranello, July 24, 2024 – Ferrari will extend its cryptocurrency payment system to its network of European dealers from the end of July.

The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients.

By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.

Ferrari is leveraging the expertise of various companies active in the cryptocurrency payment sector to ensure transaction security. These solutions will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency. The providers' solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates.

To date, most of Ferrari's European dealers have already adopted or are in the process of adopting the new payment system that adds to the traditional ones."

---

Damn if this happen Tesla might re-accept crypto as payment and if all ferarri dealer implement this hmmm I don't know where the bitcoin price going to be 100K by the end of year is very possible hahahha.

You just confirm to your not a bot or what? Mystery whale incoming.

I use Euro.

Sayeh. Man. If I have a lot of EURO I stack sats and be humble. Latest advice. Very old. Last week like.

Slack is my favorite. Leaves room for tolerance.

Exactly my thought when I read those two posts that both of us replied to, like WTF did I just read lol... I even considered sharing them in that wall of shae thread. Thinking of it, I might still do it. 

Yeah, cause buying a Ferrari is all about privacy..., lol!
Rich people use jets that you can track online by a 10yo and now they are scared of paying with BTC for a car.


Wow, never believed that, Ferrari was desperate because of low sales and their move was to accept Bitcoin to save their business. Common, a company that makes you wait in line 18 months for a car and is breaking records after records in sale is desperate?

I seriously don't understand what some guys here are talking about, what reality is this one?

Ferrari accepting Bitcoin in Europe? That is a statement, not only a headline. a lovely, strong statement about the direction luxury and money will take. And they're doing it correctly, locked in the price via BitPay.

Yhey're looking at the Middle East. Smart move. These folks love their Ferraris and have enough of Bitcoin to spend - UAE, Saudi Arabia. The whole planet watches when Ferrari moves. You bet Lamborghini and the rest are paying attention.

This goes beyond just car sales. Its about establishing a brand for next generations. A brand that recognises luxury embraces new technology rather than only speed and workmanship. Its about leading the curve. Thats the Ferrari approach and the winning one.

[/quote

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.
[/quote]
now only Saudi Arabia is a little bit slow in terms of supporting or getting things about sports cars, but unlike the UAE which is a little bit amazed to get or want to bring Ferraris to their city with a way of thinking that is too carefree, one of the things is adding bitcoin so that they can be in a hurry.

Sports car manufacturers like Ferrari will have to increase production of their cars, otherwise there won't be enough Lambos Ferraris for all the bitcoiners-buyers when the new bullrun starts.

Such news gives hope for an optimistic future for bitcoin and it would be nice if the policy of such automakers as Ferrari didn't change when the cryptomarket trend changed to bearish and remained constant, and not a temporary wish used for advertising purposes.

That is about building trust, and these big companies see better results from using bitcoin. The adaptation can't be felt with just these small companies; it is a different influence from big and well-known companies like Ferrari's actions. This also implies that the adoption of bitcoin remains optimistic, despite the negative sentiments we've heard in the media.

What to hear next from them is kind of interesting, especially if this will drag more companies into the rally. It was not the first time we heard this information, but yes, it was more interesting to see major companies adopting it.
 

I have a feeling this is not for 'Customers' but for the anticipated Bitcoin Bull Run.  Most of these Dealerships do not give a damn about Bitcoin before it goes through a Bull Run.  I wonder why.  But I guess this will become evident as soon as the next Run ends.

This, along the Money Ferrari could earn during a Bull Run from silly people who just made 200 Thousand Dollars and decide to spend it all on useless luxury stuff, is a great way to make some extra Dollars during the Bitcoin Season.

True. But I wonder why Tesla doesn't. I am speculating that they would have made more sales and seen their revenue grow if they decided to start accepting Bitcoin on their Cyber truck. I mean, there's so much up sides to accepting Bitcoin as a payment option especially for supercar manufacturer. It is basically a competitive advantage.


Yes, that is a good observation. I never thought about it. In my country people also hold but we don't spend it on these things, it is more like a store of value for us, to preserve out wealth from the crippling economy.

Lol you serious? Smh...



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.

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.

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....

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.

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.

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).


(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.

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.

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.

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://bitcointalksearch.org/topic/ferrari-introduced-btc-payment-option-for-their-cars-5470286

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.

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.

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 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.

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.

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.

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.

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. 

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 .

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.

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.

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.

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.

Ferrari = Fiat; Crypto = Shitcoin.

Going to wait for a Lambo with Bitcoin.

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?

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.


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.

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.

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.

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

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.

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.

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.

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.

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.

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

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 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.

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.