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Cryptogambling / Ferrari accepts Dogecoin for luxury car puchases

Ferrari accepts Dogecoin for luxury car puchases

Publish Date: 20/02/2024
red Ferrari emblem, tags: luxury - unsplash

red Ferrari emblem – unsplash

Recently, the famous car maker Ferrari started accepting the cryptocurrency Dogecoin for buying their luxury sports cars in the United States.

In 2023, Ferrari started accepting Bitcoin and other cryptocurrencies as payment for their luxury cars in the U.S. They also plan to offer this payment method in Europe soon.

Ferrari embraces crypto payments

Enrico Galliera, Ferrari’s CMO, shared with Reuters that accepting cryptocurrency was due to customer and dealer demands. According to the same source, American Ferrari fans will soon be able to use cryptocurrency for purchases, a response to the preferences of their affluent client base.

Before accepting Dogecoin, Ferrari only recognized payments in Bitcoin (BTC), Ethereum (ETH), and the stablecoin USDC. Reports suggest that even with the new payment option, the vehicle price will remain unchanged without adding extra costs for customers opting for cryptocurrency payments.

Ferrari is working with the cryptocurrency payment firm BitPay to make transactions more accessible in the U.S. They plan to bring this partnership to Europe soon.

This will allow us to reach people who may not be our regular customers, but who can now afford a Ferrari.

Ferrari’s marketing and commercial director, Enrico Galliera

Bitcoin dip affects Dogecoin amid market shifts

Bitcoin, the lead digital currency, has recently hit a snag in its upward trend around the $52,000 mark. It has affected other major cryptocurrencies, including Dogecoin. After achieving its latest high value of $0.088, Dogecoin has taken a slight dip, down 7% to $0.819. In addition, there’s been a decrease in trading activity, hinting at less interest from the traders in selling off their holdings.

The recent shifts in Dogecoin’s value have been somewhat stable, fluctuating slightly between a low of $0.07 and a high of $0.09. Considering the $0.07 mark as a critical baseline, DOGE’s price shows a pattern that could suggest a notable upward trend. This pattern is often referred to as a ‘double bottom.’

Amidst a broader market resurgence, Dogecoin’s value has seen a 10% jump in two weeks, hitting $0.0852. This upward trend suggests that a further 6.2% rise, bringing the value to $0.09, could be on the horizon. Pass this critical mark and we could witness a surge in buyer confidence, likely pushing Dogecoin’s price up by another 16% to hit the target of $0.105.

This rise towards $0.105 is anticipated to face a strong challenge from a long-standing trend line. This trend line is part of a symmetrical triangle pattern. This pattern has been a prominent feature in the mostly sideways market trend we’ve seen for nearly two years.

Ferrari’s history with cryptocurrency

Ferrari has made a significant move in the market by letting customers in the U.S. buy their cars using cryptocurrencies like Bitcoin, as stated by the CEO of CoinFlip, a Bitcoin ATM operator.

CoinFlip’s CEO, Ben Weiss, believes Ferrari’s choice to take cryptocurrency as payment could be a game-changer. He noted that Ferrari’s esteemed reputation might boost the popularity and value of cryptocurrencies and build customer trust.

Weiss pointed out that Ferrari’s step into cryptocurrency may lead lawmakers to create more specific regulations around digital currencies. Weiss also speculated that this move by Ferrari could be a precedent for other established companies worldwide to start accepting Bitcoin as a form of payment, suggesting it’s only a matter of “when,” not “if.”

Bitcoin has been the top-performing asset of the last ten years. So, by accepting cryptocurrency payments, Ferrari is showing their commitment to environmental, social, and corporate responsibility.

Ferrari eases crypto concerns

Despite the concerns around the environmental impact of cryptocurrencies, Ferrari has voiced out fewer worries. They credit this relaxation to updates in cryptocurrency frameworks, like Ethereum’s shift to a proof-of-stake model last year. As for the notorious instability of cryptocurrencies, BitPay comes to the rescue. They will instantly take charge of converting cryptocurrencies into common money for Ferrari dealers, ensuring they don’t get affected by sudden changes in the cryptocurrency’s value.

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