Uber Plans to Accept Bitcoin as Payment

    CEO Dara Khosrowshahi stated that the San Francisco-based transportation behemoth will "definitely" accept cryptocurrency payments.

    Uber customers will be able to pay fares in digital assets without identifying a precise date, among other things — fares, food delivery, stocks, etc. — according to the CEO. He also stated that there are “constant talks” concerning cryptocurrency within the company.

    “I believe that Bitcoin [BTC] and some of the other cryptos are pretty useful as a store of money right now,” Khosrowshahi stated. “The trade system is inefficient and harmful to the environment.”

    Furthermore, Uber’s CEO highlighted issues like as pollution and the high cost of the exchange system. He added the corporation will “definitely” move farther with digital currencies “when the exchange mechanism becomes less expensive and more ecologically friendly,” and that they are “certainly watching it (crypto).”

    Uber will eventually embrace cryptocurrency, according to Khosrowshahi, but “this isn’t the appropriate point.”

    The stock price of the $68 billion corporation has declined 6.52 percent in the last 24 hours, and is currently trading at $35.29 at press time. Meanwhile, the CEO stated that they have greater long-term objectives as interest rates and “inflation expectations” rise.

    Several large businesses have already begun to accept bitcoin payments. PayPal, the digital payments behemoth, was one of the world’s earliest cryptocurrency users. Bitcoin was accepted by PayPal in September of 2014. Even though cryptocurrencies were still relatively obscure at the time, Microsoft implemented Bitcoin in December 2014, shortly after PayPal.

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

    Companies aren’t the only ones that don’t want to face the obvious; governments are as well. El Salvador has made Bitcoin legal money, and several nations, including China, Iran, Russia, and Japan, are developing their own central bank digital currencies, also known as CBDCs.

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