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Ferrari, the famous Italian supercar company, will now accept cryptocurrency payments in Europe. This move follows their earlier decision to allow crypto payments at their US dealerships starting in October 2023. This change shows that big brands are increasingly accepting digital currencies, and it is believed that soon Elon Musk’s Tesla will begin accepting crypto payments. Does this mean Bitcoin will truly hit $1 Million?
Ferrari’s Bold Move into Europe
Most big companies avoid using crypto due to its price swings, but Ferrari started accepting cryptocurrency payments in the U.S. last year to satisfy their wealthy customers.
Ferrari stated that their move to accept cryptocurrency payments in Europe came after the successful introduction of this system in the United States less than a year ago. This change helps dealers meet their clients’ evolving needs.
Most European dealerships have already adopted the new payment system or are in the process of doing so. The well-known car brand plans to start accepting crypto payments in Europe by the end of this month.
In the U.S., Ferrari teamed up with BitPay, a major crypto payment processor, to accept Bitcoin, Ether, and USDC. Meanwhile, BitPay quickly converts its crypto payments into traditional currency for Ferrari dealers, protecting them from price fluctuations without extra fees for customers.
Crypto payments face challenges like inconsistent regulations and high energy use, and some countries, like China, restrict them.
Elon Musk Might Accept Bitcoin Again
Ferrari isn’t the only company accepting crypto payments. In 2021, Tesla briefly accepted Bitcoin for car purchases but stopped due to Bitcoin’s energy use. However, Elon Musk has expressed concerns about the potential decline of the US Dollar, suggesting he might reconsider Bitcoin payments, which could inspire other companies to follow suit.
Is Cryptocurrency Acceptance Growing?
Cryptocurrency adoption has surged in recent years, highlighted by the launch of Bitcoin ETFs, which underscore its growing popularity. Increasingly, companies are accepting crypto payments, largely driven by customer demand. BlackRock, the world’s largest asset manager with $10 trillion in assets, views Bitcoin as “digital gold,” according to CEO Larry Fink.
As cryptocurrencies become more mainstream, their prices are expected to rise, with some analysts predicting that Bitcoin could eventually surpass $1 million. As of now, bitcoin is trading at $66,279, reflecting a slight drop with a market cap of $1.3 trillion.