According to a Wednesday report by Reuters, Italian supercar maker Ferrari has announced that it will accept cryptocurrencies as payment in Europe. The luxury car manufacturer had previously enabled crypto payments for its US dealerships in October 2023. The development highlights the growing acceptance of crypto among global brands as well as the growing adoption of the asset class within the populace.
According to Ferrari, “The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients.“
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The company said that most dealerships in Europe have already adopted the new payment system, or are in the transition process. The renowned car brand will begin accepting crypto in Europe by the end of this month.
Is cryptocurrency acceptance growing?
The crypto realm has witnessed a significant surge in adoption over the last few years. The launch of the Bitcoin (BTC) ETFs is also a testament to the growing popularity of the asset class. More and more companies are opening their doors to crypto and many are making the decision to do so thanks to client demand.
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Blackrock is the largest asset manager in the world with around $10 trillion worth of assets under management. The firm’s CEO Larry Fink recently said that Bitcoin is digital gold. As the popularity and adoption of cryptocurrencies grow, so does its price. BTC is among the best-performing assets of the last decade, outperforming many tech stocks and commodities. Many analysts anticipate BTC to eventually surpass the $1 million mark.
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