Wealthy consumers are using crypto to buy high-end items like watches, jewelry, diamonds, and even real estate.
And now they’ll be able to spend their crypto on a Ferrari.
The Italian automaker announced earlier this month that it’s teaming up with crypto payments firm BitPay. U.S. customers buying a new Ferrari will now have the option to pay in bitcoin, Ethereum, or stablecoin USDC.
Crypto payments allow customers the flexibility to pay without dealing with wire transfers, bank accounts, or credit cards. BitPay states that this is what its users are looking for.
Of course, the average household doesn’t have the extra money (or crypto) lying around to afford a new luxury sports car.
The 2023 Ferrari Portofino M starts at $250,000 (7.4 BTC), while the limited-edition 2023 Ferrari Daytona SP3 will set you back about $2.2 million (65.2 BTC).
But bitcoin has more than doubled in value since the beginning of the year. So as crypto prices continue to rise, there are plenty of early investors who may want to turn their gains into a splashy purchase.
“Some are young investors who have built their fortunes around cryptocurrencies,” said Ferrari Chief Marketing and Commercial Officer Enrico Galliera. “Some others are more traditional investors who want to diversify their portfolios.”
Purchasing a luxury car directly with bitcoin is just one example of how Americans are using crypto to sidestep the government’s control over their wealth.
You see, we’ve always been able to hold our money in our own hands or in our personal bank accounts… and spend it as we please.
But according to Daily editor Teeka Tiwari, the U.S. government is getting ready to replace our money with a digital dollar.
When that happens, the government will have a level of control over us that we’ve never experienced before.
It can see everything we do and everything we buy. And it can place extra taxes on purchases that the bureaucrats in Washington don’t approve of.
Cryptos like bitcoin let you get around that. They’re decentralized – meaning no single entity can control them – and you can self-custody your coins in a digital wallet.
So it’s no surprise that companies like Ferrari are eager to accept payments in crypto.
As Teeka told his Palm Beach Letter subscribers in a video update last week:
Market forces… will see a need, and they’ll see the ability to attract capital, and they’ll open up and create ways for us to be able to use and spend our money in a way that the government can’t track every single thing that we’re doing − whether that’s buying ammunition or buying anything that’s legal we want to buy that we don’t want the government poking their nose in.
As Americans increasingly make big-ticket purchases with bitcoin, Teeka believes the price of bitcoin will go much higher – all the way to $1 million.
That’s why he’s put together a special briefing on what this new digital dollar regime means for you and your money.
He’ll show you what he’s done to remove millions of his own dollars out of the financial system in anticipation of a mandatory recall on the U.S. dollar.
Editorial Director, Palm Beach Daily