Ferrari is now accepting cryptocurrency payments for its luxury sports cars in the United States due to customer demand. The company plans to expand the option to Europe by the first quarter of 2024. This was driven by market demand and dealer requests, with many clients, including crypto-savvy young investors, investing in digital currencies.

The carmaker has partnered with major cryptocurrency payment processor, BitPay, in the U.S., allowing transactions in Bitcoin (BTC), Ether (ETH) and USD Coin (USDC). There will be no additional fees or surcharges when using cryptocurrency, as BitPay will convert crypto payments into fiat currency for Ferrari’s dealers, protecting them from cryptocurrency price fluctuations. BitPay will also verify the legitimacy of the digital currency.

Despite the growing interest in crypto payments, many large corporations have opted against it due to its price volatility and associated transaction impracticality. Tesla, for example, initially started accepting payments in Bitcoin in 2021, but suspended the payment method due to environmental concerns.