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Bitcoin Payments

Ferrari To Accept Bitcoin and Crypto Payments In Europe

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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.

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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Bitcoin Payments

Chinese microchip company says it’s now accepting Bitcoin as payment 

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Shares in China-based crypto mining chip designer Nano Labs rose slightly after announced it is now accepting Bitcoin as payment for its goods and services through a business account on Coinbase.

In a Nov. 11 statement, the Huangzhou-based crypto mining chip maker, which is listed on the Nasdaq, said the move was part of a “commitment to embracing the latest in financial technology” as demand increases for “digital currency transactions in the technology sector.”

Nano Labs said it was taking a “proactive stance in the evolving digital economy” as crypto “adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions.” 

According to Nano Labs, adopting Bitcoin (BTC) will provide “greater payment flexibility,” but it didn’t offer any details about whether it intends to keep the cryptocurrency on its balance sheet.

Following the announcement, shares in the Nasdaq-listed company rose 2.81% to $3.29.

Coinbase, China, Bitcoin Regulation

Nano Labs’ share price saw a slight uptick after an announcement about accepting Bitcoin as a payment option. Source: Nasdaq

However, it hasn’t been enough to offset a share slump over the last month,which fell over 60% from a high of $8.33. It’s also nowhere near the all-time high of $96.20 set in July 2022, soon after the company was listed on the Nasdaq. 

A growing number of companies are now accepting crypto as payment for some of their services.

Microsoft allows users of its Xbox store to pay in Bitcoin. McDonald’s adopted crypto as legal tender in its locations in El Salvador and Lugano, Switzerland. 

The NBA franchise Dallas Mavericks also adopted Bitcoin as a payment option for club products and game tickets through BitPay. 

China’s love-hate relationship with crypto

Beijing cracked down on crypto activities in May 2021, shutting down multiple mining firms and suspending crypto trading. However, authorities’ stance appears to have relaxed in recent times, despite an attempt to crack down on Tether in January. 

In September, former Chinese finance minister Lou Jiwei urged China to closely examine advancements in crypto during a speech at the Sept. 28 Tsinghua Wudaokou Chief Economists Forum in Beijing.

Related: China still controls 55% of Bitcoin hashrate despite crypto ban

A few days earlier, a Shanghai Intermediate People’s Court in China recognized Bitcoin as a unique and non-replicable digital asset and acknowledged its scarcity and inherent value in a Sept. 25. report. Another Chinese court came to a similar conclusion on Sept. 1. 

Earlier this year, Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), also approved the first spot Bitcoin and Ether (ETH) ETFs on April 24.

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