Why Ferrari’s Crypto Expansion in Europe Sets a Trend for Luxury Brands
Ferrari said it will extend its scheme to accept crypto payments for its luxury sports cars to its European dealer network from the end of this month. It follows an initial launch in the US last year.
By the end of 2024, the Italian automaker plans to expand this scheme further. This will include other dealerships in its international network, in countries where crypto is legally allowed.
The Maranello, Italy-based manufacturer explained that the decision is a response to growing demand from Ferrari’s wealthy customers. These customers are showing increasing interest in using digital currencies for their high-end purchases, the company said.
Several crypto industry executives suggested that the strategy primarily serves as a branding move for Ferrari.
Tom Dunleavy, CFA, a partner at MV Global, stated that crypto payments are becoming increasingly common. He believes the trend kickstarts from luxury items and will eventually spread to more affordable goods, following the typical path of new technologies.
Dunleavy shared that when he bought a car in the US a few months ago, he wished he could have used USDC for the transaction. Instead, he had to transfer the funds to his bank account, get a certified check from the bank, and then bring it to the dealership.
“Removing frictions are what the wealthy desire and crypto solves that in many cases,” he said.
Consumers often select products that mirror their identity, values, and goals — a concept central to advertising theory.
According to Vijay Pravin Maharajan, CEO at bitsCrunch, Ferrari can leverage crypto adoption to connect with a demographic of wealthy, technologically adept individuals who embrace cutting-edge financial solutions.
“This move will likely resonate with consumers
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