The crypto world is making its way to the automotive market. Ferrari recently announced it will accept cryptocurrency as payment for its luxury sports cars.

Crypto has been one of the most talked about and interesting currency forms in recent years. While some people feel an investment into the crypto world is a waste of time, those who invested in this market early have seen its value and reaped the rewards. That’s not to say that crypto isn’t volatile; it certainly is, but it’s a real currency and can be used to purchase goods and services, which is precisely what Ferrari is doing.

Crypto wasn’t practical before now

The extreme volatility of cryptocurrencies such as Bitcoin and Ethereum made them unpractical for use in commerce. In addition to the practicality factor, these currencies consume extreme amounts of energy, making them environmentally challenging. Many cryptocurrencies have made strides to reduce their carbon footprint by using more renewable energy sources. This move makes Ferrari feel like the time is right to offer payments using these currencies. Ferrari still intends to reach carbon neutrality by 2030 along the entire value chain, but there might be another reason to allow crypto as a payment option.

Expanding the Ferrari customer base

Clients already invested in cryptocurrency pushed Ferrari to begin accepting them as a form of payment. This new payment method expands the potential customer base for Ferrari. This could be the top reason why the brand is willing to accept this new currency type as a form of payment. Some crypto investors might not be customers already, but allowing them to pay using crypto can change that and bring more shoppers to the Ferrari dealers in the United States. Currently, Ferrari only accepts this payment type in the US but is working to expand to European customers as well.

How will these payments be processed?

Using the cryptocurrency payment processor BitPay, the Ferrari transactions can easily be handled in the US. This system allows transactions in either Bitcoin, Ether, or USDC. The BitPay system will convert crypto payments into traditional currency on behalf of the Ferrari dealer network to protect them from any price swings. This system also validates the currencies come from legitimate sources. The price customers pay for the Ferrari vehicles will not change when a customer chooses to pay using crypto instead of traditional currencies. There are no fees or surcharges.

What could crypto investors buy with their currency?

With Ferrari accepting cryptocurrency as payment, some shoppers could lean toward the newest Ferrari hitting the market, the Purosangue. This vehicle is the first-ever Ferrari SUV, but there’s nothing traditional about this vehicle or what it offers. The Purosangue includes a naturally aspirated 6.5-liter V12 engine that delivers 715 horsepower and 528 lb-ft of torque. This incredible SUV is capable of reaching 60 mph in 3.2 seconds en route to a top speed of 193 mph. This new Ferrari SUV brings incredible handling and performance to the drive on any road.

An SUV made for the track

It wouldn’t be a real Ferrari if the Purosangue wasn’t meant for some serious time on the track. This amazing new SUV has performance goods with an adaptive suspension system and an electric motor at each corner to apply force to the dampers during cornering maneuvers to control body roll. This SUV can also squat down to achieve faster speeds and much better cornering. The squat down reduces the ride height by 0.4 inches, allowing the Purosangue to be a bit of a sports car with its lowered stance that increases its grip on the track.

Going inside for some cool Ferrari qualities

Ferrari customers using cryptocurrency to purchase the Purosangue will find an impressive cabin with amazing materials and qualities. This is the only Ferrari with room for four passengers, making it easy to take your favorite couple along for a great ride. The Purosangue has a set of rear-hinged coach-style rear doors to make it easy to enter the rear seat while maintaining a two-door look. The front and rear seats are bucket-style models with individual areas for each passenger. A look around the cabin reveals screens and controls that make this SUV more fun and attractive from inside the cabin. The roof can be made of either carbon fiber to save some weight, or glass, which offers a fantastic view out of the vehicle.

Which Ferrari models will be the most popular with customers using cryptocurrency to purchase vehicles from the lauded prancing horse brand?