As the digital age continues to evolve, Ferrari, the renowned Italian luxury sports car producer, has started accepting cryptocurrency as a mode of payment, underpinning a strategic move that aims to cater to a wider audience. This decision stems from increasing demands from the marketplace and dealers, many of whom are cryptocurrency investors.
Ferrari and the Cryptocurrency Evolution
Ferrari has acknowledged the growing trend of digital currencies by allowing cryptocurrency payments for its luxury sports cars in the United States. According to a report by Reuters, the company also intends to extend this payment option to Europe, a move that demonstrates the automaker's commitment to embracing changes in the financial landscape.
Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, explained that the decision to accept crypto payments was driven by market demands and the increasing number of clients who are invested in cryptocurrencies. As Galliera put it, "This will help us connect to people who are not necessarily our clients but might afford a Ferrari."
A New Era of Payment Method
As part of this innovative shift, Ferrari has chosen Bitpay, a top-tier cryptocurrency payment processor, to facilitate crypto payments in the U.S. Initially, Ferrari will accept transactions in Bitcoin (BTC), Ether (ETH), and the stablecoin USDC.
Galliera further clarified that there would be no additional charges or fees for payments made through cryptocurrencies. "Prices will not change, no fees, no surcharges if you pay through cryptocurrencies," he assured.
Future Expansion Plans
The luxury car manufacturer plans to extend its cryptocurrency payment acceptance to Europe by the first quarter of the coming year. After that, the company intends to make the crypto payment option available in other regions where cryptocurrency use is legally sanctioned. Ferrari's most significant region is Europe, the Middle East, and Africa (EMEA), accounting for 46% of its total car shipments in the first half of this year. "Interest is the same in the U.S. and Europe, we don't see huge differences," Galliera added.
This move by Ferrari signals a significant shift in the luxury automotive industry, as it begins to adapt to the new financial landscape shaped by digital currencies. It certainly opens up new possibilities for the luxury car market, and it will be interesting to see how this unfolds in the coming years.
Frequently Asked Questions
What is a Precious Metal IRA (IRA)?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These metals are known as “precious” because they are rare and extremely valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
Precious metals often refer to themselves as “bullion.” Bullion refers actually to the metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This ensures that you will receive dividends each and every year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay only a small percentage tax on your gains. Additionally, you have access to your funds at no cost whenever you need them.
How is gold taxed in Roth IRA?
The tax on an investment account is based on its current value, not what you originally paid. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
These accounts are subject to different rules depending on where you live. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you up to April 1st. New York offers a waiting period of up to 70 1/2 years. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
What precious metals could you invest in to retire?
The best precious metal investments are gold and silver. They're both easy to buy and sell and have been around forever. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: One of the oldest forms of currency, gold, is one of mankind's most valuable. It is also extremely safe and stable. It is a good way for wealth preservation during uncertain times.
Silver: Silver has always been popular among investors. It is an excellent choice for investors who wish to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. However, it's much more expensive than either of its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used to make jewelry. It is also very affordable in comparison to other types.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also much more affordable. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
How much gold can you keep in your portfolio
The amount you make will depend on the amount of capital you have. For a small start, $5k to $10k is a good range. As you grow, you can move into an office and rent out desks. This way, you don't have to worry about paying rent all at once. You only pay one month.
It's also important to determine what type business you'll run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. You should also consider the expected income from each client when you do this type of thing.
If you are doing freelance work, you probably won't have a monthly salary like I do because the project pays freelancers. So you might only get paid once every 6 months or so.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k-$2k in gold and working my way up.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
bbb.org
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- You want to keep gold in your IRA at home? It's not exactly legal – WSJ
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. It is important to invest enough money each and every year to ensure you get adequate growth.
You can also take advantage of tax-free savings opportunities like a traditional 401k (k), SEP IRA (or SIMPLE IRA). These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. This makes them great options for people who don't have access to employer matching funds.
The key is to save regularly and consistently over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
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By: Kevin Helms
Title: Ferrari Embraces Cryptocurrency Payments for Their Luxury Vehicles
Sourced From: news.bitcoin.com/ferrari-starts-accepting-crypto-payments-for-luxury-sports-cars/
Published Date: Sun, 15 Oct 2023 07:30:14 +0000
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