Ferrari will reportedly accept payments in Bitcoin (BTC) and other cryptocurrencies for its luxury sports cars in the United States, with plans to introduce the same scheme to Europe.

Increasing market demands and dealer requests drove the Italian sports car manufacturer’s decision to accept crypto payments, Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera told Reuters in an article published on Oct. 14.

“Some are young investors who have built their fortunes around cryptocurrencies,” Galliera reportedly said, explaining that many of the supercar brand’s clients invest in the new asset class. “Some others are more traditional investors who want to diversify their portfolios.”

Galleria did not confirm how many units Ferrari expects to sell through crypto payments but said the company’s order portfolio is fully booked until 2025. The carmaker will reportedly test the expanding market to connect with potential buyers beyond its usual patrons.

The report said Ferrari plans to extend the crypto payments option to Europe by the first quarter of 2024 before expanding to other regions where crypto is legally accepted.

The luxury car manufacturer reportedly partnered with crypto payment processor BitPay for the scheme’s initial phase in the U.S. to enable transactions in Bitcoin, Ether (ETH), and USD Coin (USDC).

Galliera confirmed that there will be no additional fees or surcharges when using crypto. BitPay will convert crypto payments into fiat currency for Ferrari’s dealers, shielding them from price fluctuations.

BitPay will also verify the legitimacy of virtual currencies to ensure they do not originate from illegal activities, money laundering, or tax evasion.

The Ferrari executive said that the majority of its U.S. dealers have already signed up, or are about to agree, to accept crypto payments.

Bitcoin and sustainability

According to the executive, the move also aligns with the brand’s sustainability initiatives, reportedly acknowledging that the crypto sector had made efforts to reduce carbon emissions through new software and larger use of renewable energy.

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said.

Bitcoin has attracted criticism for its energy-intensive mining, which contributes to carbon emissions and exacerbates climate change. However, proponents have long argued the possibility of a greener Bitcoin future and the importance of distinguishing between energy sources.

In 2022, Bitcoin advocate and MicroStrategy co-founder Michael Saylor slammed what he describes as “misinformation and propaganda” about the environmental impacts of BTC’s proof-of-work (PoW) mining. In a lengthy blog, he claims it is the “cleanest industrial use of electricity and is improving its energy efficiency at the fastest rate across any major industry.”

He further claims that 99.92% of carbon emissions in the world are due to industrial uses of energy other than Bitcoin mining.

Meanwhile, other cryptocurrencies have also improved their energy efficiency. The Ethereum blockchain, for instance, underwent what the community referred to as the “Merge,” which transitioned the network from the PoW consensus mechanism to a proof-of-stake one. According to the Ethereum Foundation, the major software upgrade drastically reduced its energy usage by 99.95%.