Uber Considers Accepting Bitcoin Payments from Customers
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Uber Considers Accepting Bitcoin Payments from Customers

February 12, 2021      Jafrin Ahmed

In an interview with CNBC’s Squawk Box, Uber CEO Dara Khosrowshahi has said that the company is open to the possibility of accepting Bitcoin (BTC) as a form of payment. Although, he dismissed the idea of adding the cryptocurrency in its corporate sheet such as Tesla. Notably, Uber has also been a member of the Libra (now Diem) Association since October 2019.

Uber Considers BTC Payments, Dismisses as an Investment

Dara Khosrowshahi took over as Uber’s CEO in 2017. He has left open the possibility that the ride-hailing and food-delivery provider would accept cryptocurrencies as payment, saying:

“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. That we’ll certainly look at and if there’s a benefit there, if there’s a need there, we’ll do it. We’re just not going to do it as part of a promotion.”

On being asked whether Uber would consider adding Bitcoin to its corporate sheet such as Tesla, the CEO dismissed it saying Uber isn’t in the speculative business:

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“It’s a conversation that’s happened that has been quickly dismissed. We’re going to keep our cash safe. We’re not in the speculation business. The upside in our company is in the business that we’ve built, not the investments that we invest in.”

As of Dec. 31, Uber reported on having $5.65 billion in cash and cash equivalents with $1.18 billion in short-term investments.

Bitcoin Spiked to ATH Following Tesla Buying $1.5B Worth BTC

Dara Khosrowshahi’s remarks on Bitcoin come just a day after Twitter’s CFO tells CNBC’s Squawk Box that the social media platform is considering adding Bitcoin to its balance sheet.

While Bitcoin has hit new highs, part of the recent spikes in February can be attributed to Tesla after revealing that the electric car company would begin accepting Bitcoin as a payment and that the company bought $1.5 billion worth of BTC as an investment.

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Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.