Luxury sports car manufacturer Ferrari announced it will expand the ability to pay with Bitcoin and crypto to its European dealerships starting this month. The move comes after Ferrari first began accepting Bitcoin and crypto payments at its US dealers last year.

JUST IN: Luxury Cars Manufacturer Ferrari to accept #Bitcoin and crypto payments in Europe. pic.twitter.com/PxT7Z7OwbP

Ferrari said the rollout to Europe will occur by the end of July, enabling customers to purchase new vehicles using Bitcoin and crypto. The company plans to expand the Bitcoin payment option to dealers worldwide by the end of 2024, where legally permitted.

Ferrari continues its partnership with leading Bitcoin payments processor BitPay to process the payments. When a purchase is made in Bitcoin, BitPay instantly converts it to traditional fiat currency for Ferrari's dealers to remove exposure to Bitcoin and crypto volatility.

The ability to pay with Bitcoin and other crypto caters to Ferrari's tech-savvy customer base with sizeable Bitcoin wealth. It also taps into growing mainstream adoption, as more major companies accept Bitcoin payments including Microsoft, AT&T, and travel site Expedia.

Ferrari said accepting Bitcoin and crypto provides customers with additional flexibility and convenience in purchasing the company's luxury vehicles. The automaker saw strong demand after enabling Bitcoin payments in the US last year.

As luxury and high-end brands adopt Bitcoin payments, it helps legitimize the asset class as a currency and not just an investment. The ability of consumers to spend Bitcoin at more retailers was also cited as a factor in the recent Bitcoin market rally.

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