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Uber Open to Accepting Crypto, But Only Under This Condition

Fri, 02/11/2022 - 15:51
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Alex Dovbnya
Uber leaves the door open for enabling cryptocurrency payments
Uber Open to Accepting Crypto, But Only Under This Condition
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During a recent interview with Bloomberg TV, Uber CEO Dara Khosrowshahi said that the ride-hailing giant would start accepting cryptocurrencies "at some point."

However, the San Francisco-based company will only add such an alternative payment option when crypto becomes more efficient and environmentally friendly: 

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

Bitcoin's massive energy consumption has been a major hurdle to wider merchant adoption. Tesla, the top e-car maker, suspended payments in the flagship cryptocurrency last May because of persistent climate-related concerns.

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With that being said, it should be noted that the share of sustainable energy in the Bitcoin mining sector has now climbed to 58.5%, according to a January survey published by the Bitcoin Mining Council (BMC).     

Tesla, however, continues to hold roughly $2 billion worth of Bitcoin on its balance sheet. 

When it comes to corporate adoption, Khosrowshahi rejected the idea of adding cryptocurrencies to Uber's balance sheet last September:   

We are going to keep our cash safe. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.