Luxury car maker Ferrari accepts Bitcoin payment

Now Ferrari accepts flagship crypto assets for its products in partnership with BitPay. 

Ferrari is an Italian luxury sports car manufacturer based in Maranello, Italy. This company is world-famous & founded by Enzo Ferrari in 1939. In 1960 this company went public and currently more than 4,500 employees are working in this company.

On 14 Oct 2023, a Reuters report confirmed that Ferrari started accepting Crypto payments for its cars via the popular crypto payment gateway BitPay.

In this initial phase, the company will accept cryptocurrencies in the US jurisdiction but later will open its hands for crypto payment in European countries, on behalf of its customer’s review & demand. 

According to Ferrari executives, the company is confident to use BitPay because it will help the company to keep the keep bad actors & tax evaders away. 

In this innovative sector, Elon Musk’s Tesla was the first which started to accept Bitcoin in early 2021 but a few months later the company suspended the Bitcoin payment option citing the Bitcoin network’s high fees & carbon footprint levels because of Bitcoin mining operations.

Following huge criticism from the crypto sector, Tesla CEO Elon Musk responded & confirmed that Tesla will start accepting Bitcoin payments again when Bitcoin mining activities will run on more than 50% of the sustainable & green sources of energy.

Last month we reported that more than 50% of Bitcoin mining operations are running their operations with the help of sustainable sources of energy but it is strange that Elon Musk is not in the mood to talk about Bitcoin. 

Bitcoin price 

The current trade price of Bitcoin is $26,870 & this trade price is 40% higher year to date.

Currently, the majority of the crypto Investors are filling their bags with bitcoin & other flagship crypto assets, as the Bitcoin halving event is nearing.

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