Crypto News

Uber Open To Accepting Bitcoin As Form Of Payment

Uber open to accepting Bitcoin other cryptocurrencies

On the heels of Tesla’s disclosure to the U.S. Securities and Exchange Commission (SEC) that it purchased $1.5 billion worth of Bitcoin in January. Will consider accepting the leading cryptocurrency as a form of payment, major ride-sharing company Uber could soon be following suit.

“Just like we accept all kinds of 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”. Uber CEO Dara Khoswshahi said during an appearance on CNBC’s Squawk Box. “We are just not going to do it as part of a promotion.”

Khoswshahi’s comments come on the same day of Visa announcing it would allow direct crypto transactions for its cardholders.

Earlier this week, the Twitter CFO mentioned the social media platform also is considering using Bitcoin and adding it to their balance sheet.

Uber Not Interested In Investing In Bitcoin

While Uber is open to accepting Bitcoin as a form of payment. The company does not appear to be interested in investing in the digital asset.

“It was a conversation that happened that has been quickly dismissed. We’re going to keep our cash safe. We’re not in the speculation business,” said Khosrowshahi.

The decision to not add Bitcoin to their balance sheet is somewhat surprising considering that MicroStrategy has seen the valuation of its BTC purchase nearly double. Their stock price has also seen a massive 154% surge ever since Citibank downgraded their status for investing in Bitcoin.

Moreover, the stock price of Tesla and BNY Mellon Corp has soared since announcing their Bitcoin integration. On the flip side, Uber’s stock has taken a nosedive since rejecting the idea of Bitcoin as a treasury hedge asset.

Bitcoin currently is on the verge of mainstream adoption with many companies warming up to the idea of adopting it in some way.

This bull season has made the world realize the true potential and value that Bitcoin brings to the table as its price nears $50,000 for the first time.

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Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

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