Using cryptocurrency to buy a Ferrari

  • Marc's Avatar
    Community Manager
    Did you know that you can now buy a Ferrari using cryptocurrency?

    So if you've got some spare Bitcoin lying around, now's your chance!

    According to news agency Reuters, this is going to be USA-only for now, but Ferrari may introduce it to other countries.

    Think I'm going to file this one in my 'sounds interesting, am I living on a different planet to other people?' tray.... 😅

    Would you consider crypto as a way to buy a car?
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  • 7 Replies

  • Rolebama's Avatar
    Crypto is, from what I read, just another form of gambling, akin to the Stock Market. Fine as long as everyone is investing, but a disaster if too many people want out.
    Not saying that is how it works, just how it seems to me. All-in-all it does not appeal, and I certainly would not take, or make a payment in it. As to how Ferrari fare, I think it's a wait-and-see job.
  • Drivingforfun's Avatar
    The thing with the stock market is it has a tendency to go up over time if you invest for long term growth and steady income rather than chase quick wins. Also with shares you actually (usually) own something.

    I agree with Rolebama r.e. Crypto though.

    It only has value because people believe it has value. It doesn't represent ownership of some physical asset and as stated if everyone wanted out it would be worthless.

    I do remember reading a story where a taxi driver refused Bitcoins as payment for a journey when they were trading for pennies each, was something like an £8.50 fare.. if he accepted them he would be a multimillionaire today.

    All that said I think I would take payment in Crypto, but I would sell it immediately after getting it, I am not interested in investing in it for the long term. Also, I would want a premium on the price I charged, to compensate for dealing fees & potential for loss in the few minutes I owned the currency.
  • Santa's Avatar
    @Marc I know that some people have little faith in banks and that money in reality has no "real" value. I have also watched some huge companies (Enron?) go to the wall and Mr Ponzi laughed all the way to the bank until he was found out.

    Dolllars, Euros, Pounds and most other currencies have whole countries backing them while there are no regulations governing the way Bitcoin is managed. It's hardly even newsworthy these days when some person vanishes with a few million Bitcoins or someone like that unfortunate guy who wanted to excavate a council tip to get his laptop back.

    I have invested in shares, but never more than I could afford to lose. A very tiny fraction of your electricity payment ends up in my account and I have loaned some money to the government via NS&I. I do have some small understanding of how shares and Bonds work, but a currency that only exists in some anonymous individual/company account and that owes its existence to a random number in a computer is right outside my skill set.

    Of course, managing the paltry few £thousand in my care is very different to the problems the likes of Musk, Gates, Buffet et al have, and their definition of "afford to lose" is a lot different to mine.

    If someone gave me a free Ferrari, I would promptly sell it.
  • Drivingforfun's Avatar
    Another reason they might be allowing this is, I have heard, and it is for reasons beyond my understanding, that Cryptocurrency is very easy to use for illegal activities or to hide "dirty" wealth.

    So might be that they are hoping to sell a few cars to people whose work involves shady activities?
  • Rolebama's Avatar
    I read on msn last week of another piece of 'modern art' being sold for a stupid amount of monet. (Freudian slip or not, I'm leaving that in.) Along with the likes of half a sheep, an unmade bed, a pile of trash etc etc... It has been suggested that this is the modern way of laundering money. (Got that one right.) If I had that kind of wealth, i would not be in the market for modern art or exotic cars.
    FWIW: When woring for the AA I once went to a house sorrounded by a big dirt bank with electric fence on top, a tunnel through with gates at either end, and a double-entry cage on the outer doors. Bars on all the indows and about twelve or so security types. The kids play area was totally enclosed in a cage made of one inch iron bars. Seriously, who would like to live like that?
  • Marc's Avatar
    Community Manager
    OK OK if not crypto.... then how about buying a car from Amazon?

    (I wonder if that includes delivery????)

    Here's a link to an RAC website article about it coming next year