Uber is Open to Accepting Crypto as a Payment Method

Uber’s CEO, Dara Khosrowshahi has ruled out the possibility of the company investing in Bitcoin right away but mentioned the fact that the leading transportation company would consider cryptocurrencies as a form of payment for its services in the future. 

Speaking during an interview with CNBC, the Uber Chief stated that Bitcoin’s speculative nature would make it difficult for his cab-hailing firm to invest in the asset. In his words, “(Bitcoin investments) is a conversation that’s happened that has been quickly dismissed,” as such the firm is going to keep its cash safe because they are not in the “speculation business.” He also added that the firm was more focused on building interesting products for its users rather than “the investments that we invest in.”

However, failure to invest in Bitcoin or other crypto assets does not mean that the company would not consider accepting cryptocurrencies like that as a payment option. According to him, the firm was open to look into this payment method since they accept all kinds of local currencies. He said that “Just like we accept all kinds of the local currency, we are going to look at cryptocurrency and/or Bitcoin in terms of currency to transact. That’s good for business. That’s good for our riders and our eaters. So that we’ll certainly look at, and if there’s a benefit there, if there’s a need there, we’ll do it.”

In recent times, institutional investors’ interest in Bitcoin has spiked especially due to Tesla’s purchase of $1.5 billion worth of Bitcoin recently. This has led to increased discussions from corporate institutions who are now discussing the viability of adding the asset to their balance sheet. But sooner rather than later, we would witness another top corporate institution making a substantial investment into the crypto industry as there is already a significant discussion about how institutions can tap into the market.

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