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Iconic automaker Ferrari has opened up a new way to buy a sports car: Bitcoin.
What’s happening:
- Ferrari is now accepting payment for their vehicles via Bitcoin in the United States
- They plan to begin to roll out purchases through crypto soon in Europe
How it works:
- Ferrari has partnered with BitPay in order to facilitate payments via crypto in the United States
- Individuals can use Bitcoin, Ethereum and USDC to order a Ferrari
- BitPay will instantly convert crypto purchases into fiat currency to avoid any exposure to price fluctuations
Why it matters:
- Crypto as a mechanism for payments has struggled to find real world use cases
- Legacy luxury brands beginning to adopt crypto could be signal a shift in the perception around digital assets and currencies
The intrigue:
- Tesla (NASDAQ: TSLA) was originally the first large automaker to accept Bitcoin as payment but it was shortly abandoned
