Uber’s CEO says the company plans to accept cryptocurrency payments

Uber’s CEO said that the firm would accept “absolutely” cryptocurrency payments, but did not specify when this would occur.
Uber's CEO says the company plans to accept cryptocurrency payments

Dara Khosrowshahi stated there are usually talks concerning bitcoin within the organization.

“I think right now what we see with Bitcoin [BTC] and some of the other cryptos that they are quite valuable as a store of value,” Khosrowshahi said. “The exchange mechanism is expensive, it’s not great for the environment.”

It’s only a question of time

Furthermore, Uber’s CEO highlighted issues like pollution and the high cost of the exchange system. He said that the corporation would “definitely” move farther with digital currencies “when the exchange mechanism becomes less costly and more ecologically friendly,” and that they are “certainly monitoring it [crypto].”

According to Khosrowshahi, it is just a matter of time until Uber accepts cryptocurrency, but “now isn’t the perfect moment.”

The stock price of the $68 billion firms has declined 6.52% in the last 24 hours and is now trading at $35.29 at press time. Meanwhile, the CEO said that they have greater long-term aims since interest rates and “inflation expectations [are] growing.”

Other companies on the same path as Uber

Some large corporations have already begun to accept bitcoin payments. PayPal, the digital payments Beast, was one of the world’s first crypto users. In September 2014, PayPal accepted Bitcoin. Microsoft accepted Bitcoin in December 2014, shortly after PayPal, despite the fact that cryptocurrencies were relatively unknown at the time.

Overstock was the first large brand to accept Bitcoin. Nearly nine months before PayPal, the American online store accepted Bitcoin. Overstock is “essentially a crypto firm today,” according to a CNN story from 2018.

Not only do businesses want to embrace the inevitable, but so do governments. Bitcoin is legal cash in El Salvador, and several nations, including China, Iran, Russia, and Japan, are developing central bank digital currencies, or CBDCs.