You Can Now Use Crypto To Try And Fail To Buy A Ferrari

It turns out that there’s another use for cryptocurrency aside from pyramid schemes and buying questionable substances from an unilluminated part of the internet: Reuters reports that Ferrari will now accept several forms of cryptocurrency as payment in Europe, although even crypto-gazillionaires might not simply be able to buy the Ferrari of their dreams.

Let me explain.

Last year, Ferrari rolled out cryptocurrency payment options in America, including Bitcoin, Ether (the cryptocurrency mined on the Ethereum blockchain), and a ‘stablecoin’ called USDC that is tied pretty closely to the value of the dollar. Clearly, it’s been successful, otherwise Ferrari wouldn’t be rolling out a similar program in Europe. The European crypto scheme is expected to launch at the end of this month, and there’s reportedly more in the pipeline. As per Reuters:

The Italian company will also extend the scheme by the end of 2024 to other dealers of its international network, in countries where cryptocurrencies are legally accepted, it said in a statement.

So, countries like China and the UAE are out of this scheme, but it won’t be long before a similar program rolls out to Australia, Japan, and other places where cryptocurrency can be accepted as payment for goods.

That’s fine, I guess, but don’t expect to walk into a showroom and be able to order any Ferrari on a reasonable timeline, so long as you bought a crapload of Bitcoin back when it was trading for pennies.

See, back in May of 2023, Ferrari reported that it was sold out of total production capacity into 2025, and sold out of Purosangue SUV allocations into 2026. In November 2023, Forbes reported that total Ferrari production capacity was sold out until 2026. With more orders coming in since then, if you plunked down an enormous amount of crypto on ordering a Ferrari, who knows when it would turn up? Oh, and that’s assuming you can get an allocation at all — the company might simply not let you buy the model you really want.

The nouveau riche should still be able to more-or-less take their pick of pre-owned mainline models, and some in-stock models may be available, but just because Ferrari dealers will soon happily accept cryptocurrency in Europe doesn’t mean the model you really want will actually be available anytime soon.

(Photo credits: Ferrari)

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