Bitcoin is currently trading at $111,382.03, representing a 0.5% increase over the past 24 hours.
The luxury carmaker Ferrari is venturing into cryptocurrency markets, unveiling a digital token designed for affluent fans to participate in an auction for its triple Le Mans-winning 499P endurance car.
The company’s plan is still in its early stages, part of a calculated effort to tap into the rising tide of wealth among young technology entrepreneurs driving AI- and data-led markets.
Ferrari is working with Italian Conio for its crypto token
In 2023, Ferrari opened up to crypto buyers in the U.S., taking payments in Bitcoin, Ethereum, and USDC. It partnered with BitPay to allow for the transition. At the time, Enrico Galliera, Ferrari’s Chief Marketing Director, noted that accepting crypto payments would help them connect with people who are not necessarily their clients but might be able to afford a Ferrari.
Last year, the sports car firm rolled out the digital asset payment method in European markets. It also claimed it would intend to expand the initiative across its global dealership network in countries that allow crypto transactions.
Currently, the car maker has partnered with Italian fintech firm Conio to introduce the “Token Ferrari 499P” for members of its elite Hyperclub, a group of 100 top clients dedicated to endurance racing, enabling them to trade the token and bid on the race car. The launch is planned to coincide with the start of the 2027 World Endurance Championship season.
Galliera commented, “This is about strengthening the sense of belonging among our most loyal customers.”
The project is still in its early stages, with Conio pursuing regulatory approval under the EU’s new crypto regime. Nonetheless, Davide Rallo, who leads fintech strategy at Conio and helped design the project, believes the token has huge growth potential.
Bitcoin and Ethereum prices are still surging
The automotive industry is increasingly embracing cryptocurrencies, both as a means of payment and as an investment. This shift is part of a larger trend in which cryptocurrencies are being used and acknowledged as a means of payment and as dependable, high-return investments.
Retail stores, crypto casinos, travel companies, and even coffee shops are embracing cryptocurrency. Consumers have also encouraged several automobile manufacturers to start accepting cryptocurrency, driven by its growing popularity, expanding regulations, and integration into mainstream marketplaces.
Aside from Ferrari, Tesla made headlines in February 2021 after investing $1.5 billion in Bitcoin and announced plans to accept it as payment for its automobiles.
Shortly after, Tesla’s CEO, Elon Musk, changed his mind about accepting Bitcoin, opting to keep Dogecoin, a meme coin, as an accepted means of payment. The rationale for this move was stated by the owner himself, who said on his social media network X that he is concerned about the rapid expansion of fossil fuel usage for Bitcoin mining and transactions, particularly coal, which has the highest emissions of any fuel.
Cryptocurrencies have surged sharply amid backing from prominent figures, including U.S. President Donald Trump. Still, regulators continue to warn that limited oversight and speculative trading could pose a risk to both investors and market stability. Bitcoin has gained 60% in the past year.
The asset is currently trading at $ 111,616.70, marking a 0.6% increase over the past 24 hours. However, daily trading volume has decreased by approximately 12% to $45.07 billion, with a total market capitalization of $2.22 trillion.
Meanwhile, the second top cryptocurrency, Ethereum, is trading at $3,932.12, up 0.32% from the previous day. Although over the past 24 hours, trading volume fell around 8.13% to $32.49 billion, with the market cap hovering near $474.43 billion
Overall, crypto prices are still surging despite the U.S. government shutdown. Data from Myriad shows that 79% of traders expect the shutdown to still be in effect on November 5, 2025.
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