Uber’s chief executive officer Dara Khosrowshahi, has confirmed that Uber will accept cryptocurrency “at some point” in the future.
In an interview with Bloomberg Television, Khosrowshahi outlined why Uber has not yet ventured into digital currencies, citing environmental concerns and the high cost of transaction fees, but also noted that the time will come when the transport and delivery company does explore crypto payments:
“We’re having conversations all the time. “The exchange mechanism is expensive, it’s not great for the environment. As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more.”
Uber has hinted at their interest in digital currencies on several occasions. Last year Khosrowshahi told CNBC that they would be looking into accepting digital currencies, and the company was considering investing in Bitcoin using corporate cash.
The CEO of Uber brought up concerns with the energy efficiency of crypto such as Bitcoin, as one of the reasons Uber has not yet decided to accept cryptocurrency. Bitcoin’s mining process is done by solving complex cryptographic puzzles to verify blocks of transactions, which requires great amounts of energy. Bitcoin’s electricity consumption has been compared to energy required to fue entire nations, however this is an issue that the industry is well aware off, which has led to greater efforts to pursue energy efficiency.
With this in mind, Uber’s stance on bitcoin is promising for the industry, as it confirms the company’s interest and desire to lean into crypto once their concerns are allayed.
While Uber has not caught up with the likes of Tesla, Mastercard, and Microsoft in terms of their willingness to invest or offer crypto services, the latest comments from Uber’s CEO seem promising for the industry. Whether or not Uber decides to accept crypto payments this year or in the near future, it seems almost inevitable that the company will enter the industry at some point given their comments, and the increasing adoption of crypto by mainstream businesses.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice