Uber Confirms Plans to Accept Crypto Payment in the Long Run


American mobile sharing company, Uber has announced its intention to allow payment with crypto for customers. In an interview with Bloomberg Market Show hosts Emily Chang and Guy Johnson yesterday, Uber CEO, Dara Khosrowshahi attested to the fact that Uber has been having talks concerning cryptocurrency.

The CEO affirms that the company has constantly been watching the crypto space and has invariably captured the endless possibilities in digital assets. He agrees that cryptocurrencies are becoming a global phenomenon but it’s not time for the mobility and delivery firm to integrate it on its payment platform.

Khosrowshahi reiterated that right now, Uber sees Bitcoin (BTC) and other digital currencies more as a ‘store of value’ but other downsides make its acceptance pending. The exchange mechanism and environmental friendliness were two challenges he mentioned.

Exchange rates for BTC and other cryptocurrencies are capital intensive, and crypto mining consumes lots of energy which in turn impacts the environment. When the exchange cost becomes more efficient and mining becomes more environmentally friendly, the Uber chief said the company will lean into crypto.

Pending the time this happens, Uber will keep watching how it goes and will ‘absolutely’ accept crypto at some point. But according to the ride company’s boss, this is not the time for the firm to jump into the tide.

New Payment Schemes With Digital Currency

While Uber is stalling, many other businesses are making an entrance into cryptocurrency and blockchain adoption. Several firms in collaboration with NYDIG are even considering payment of employees’ salaries with Bitcoin. 

The New York Digital Investment Group (NYDIG) has introduced strategies that would allow companies with the permission of the employee to convert part of their salaries to BTC. There has been about a 33% level of acceptance of this strategy by staff members less than 30 years old.

Tesla CEO, Elon Musk also announced last month on Twitter that the automobile company now accepts Dogecoin (DOGE) as payment for its merchandise. His adoption of digital currency caused the price of DOGE to skyrocket by 14%.

Not only did he accept the digital currency, but Elon Musk also called on McDonald’s to follow suit. He calls out the American fast food giant with a challenge to eat a happy McDonald’s meal on TV.

With the current acceptance rate of digital currencies, Uber’s long-term adoption goal might be sooner than expected.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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