On July 24, Ferrari announced plans to extend its cryptocurrency payment option to its European dealerships by the end of the month.
Following the success of this service in the U.S., the Italian sports car maker aims to introduce crypto payments to more regions globally by the end of 2024, though this will be limited to countries where digital currencies are legally recognized.
Ferrari’s decision to embrace cryptocurrency payments comes after observing the 2023-2024 crypto market surge. Initially, the company partnered with BitPay in the U.S. to handle transactions in Bitcoin, Ethereum, and USDC. BitPay will convert crypto payments into traditional currency immediately, protecting dealers from price volatility and eliminating customer fees.
Ferrari has not yet announced whether it will use other payment processors in Europe or elsewhere.
Tesla, which briefly accepted Bitcoin payments in early 2021, halted this practice due to environmental concerns related to Bitcoin mining. Although much mining has shifted to greener methods, Tesla has not resumed Bitcoin payments.
Meanwhile, Elon Musk has voiced concerns about the future stability of the U.S. Dollar, suggesting that a return to accepting Bitcoin could be on the horizon and might inspire other companies to follow suit.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.
Despite common fears that global crises spell disaster for crypto markets, new data from Binance Research suggests the opposite may be true — at least for Bitcoin.
A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.