TL; DR
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Ferrari (seller of depreciating assets) now accepts crypto → and the more companies see value in crypto payments → the more companies will adopt it → the greater the value of crypto in the world will be.
Full story
We love it when we can find logic in what seems like a complete gimmick.
And this is one of those moments…
Ferrari now accepts crypto payments in Europe and plans to expand the service to other markets by the end of the year.
Gimmicky? Certainly. But also quite genius.
This is like a candy store figuring out how to show ads to a child as soon as his allowance arrives.
Look, there are a lot of new rich in the crypto world who suddenly have more money than they know what to do with – and by accepting crypto payments, Ferrari is making it easier for the new rich to do stupid things. financial decisions.
(Also: buying expensive/depreciating assets).
We do not necessarily endorse the decision. But it’s smart of Ferrari.
Although it is positive for the customer, depending on their tax residence, there may be some additional benefits.
If you choose to sell your crypto, you will have to pay taxes in some way in most countries. But in some countries, crypto is not taxed if it is used as money (aka: exchanged directly for goods).
(Australia was like that last time we checked).
So some lucky degenerates can buy a shiny new car and save a ton in taxes.
Here’s why it’s good for the broader crypto ecosystem anyway:
The more companies see value in accepting crypto payments → the more companies will embrace it → the greater the value of crypto in the world will be.
Nice!