Hey folks. Atleast we are hearing some bullish news in the bearish crypto market with most of the cryptos struggling.
A recent report by Reuters shares about Ferrari starting to accept payments in cryptocurrency for its luxury sports cars in United States and will expand the scheme to Europe following requests from its rich customers. The news were shared by Ferrari's marketing and commercial chief with Reuters.
Because of the volatility of bitcoin and other tokens, which makes them unsuitable for use in commerce, the great majority of well-known corporations have avoided investing in cryptocurrency. Inadequate regulation and excessive energy consumption have further hindered the use of cryptocurrency as a payment method.
Telsa, electric car maker back in 2021, began accepting payment in Bitcoin, before CEO Elon Musk halted it because of concerns related to environment.
Cheif marketing and commercial officer for Ferrari, Enrico Galliera shared with Reuters that cryptos had made efforts in reducing their carbon footprint by releasing new software and utilizing renewable resources more frequently.
The decision came in response to the requests from the market and dealers as many of Ferrari's clients are invested in cryptocurrency, according to Ferrari.
While some cryptos like the second largest crypto in the market out there, Ether has made efforts and improved their energy efficiency, the pioneer Bitcoin still is being criticized for its energy intensive mining.
Ferrari shipped more than 1,800 cars to Americas which includes US in the first six months of 2023. However, Galliera didn't mention how many cars the company is expected to sell through cryptocurrency. According to him, the company had a robust order portfolio that was fully booked through 2025, but they still wanted to test this expanding universe.
How are things going to unfold in response to this decision by the Ferrari, we don't know but it does look to be a bullish sign for the crypto industry as a whole as Ferrari is one of the renowned company with a good reputation across the globe.
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Website: www.newsintercept.com
