Uber will “absolutely” accept bitcoin as payment in the future, CEO says

Uber customers will eventually be able to use bitcoin to pay for their rides, according to the boss of the ridesharing app – although the company is waiting for some improvements before giving the green light.

Uber CEO Dara Khosrowshahi said the company “has conversations all the time” about whether it should start accepting cryptocurrencies as a form of payment.

“Will Uber accept crypto in the future? Absolutely, at some point, Khosrowshahi told Bloomberg.

The executive cited a few key hurdles that have prevented Uber from jumping on the cryptocurrency bandwagon. He pointed to the environmental impact of cryptocurrency mining – which requires a huge amount of electricity – as well as the high costs of trading involving digital assets.

Given the hurdles, Khosrowshahi said “now is not the right time” for Uber to get involved.

Bitcoin and other crypto assets have been widely adopted in recent years.

“As the exchange mechanism becomes cheaper, becomes more environmentally friendly, I think you’ll see us leaning a little bit more into crypto,” he added.

Critics have expressed concern about the volatility of cryptocurrencies when considering digital assets as a form of payment. Bitcoin price was $42,628 on Friday afternoon, down significantly from its all-time high of $69,000 in November.

Large corporations have been slow to accept cryptocurrencies in transactions, although momentum for the practice has increased in recent years. Microsoft started accepting bitcoin as a payment method in its online store in 2014.

Dara Khosrowshahi, CEO of Uber
Uber CEO Dara Khosrowshahi said the company will “absolutely” accept bitcoin in the future.

In January, Tesla began accepting the Dogecoin crypto meme token for certain merchandise from its online store. Elon Musk, the company’s founder, is a long-time dealer in bitcoin, dogecoin, and other cryptocurrencies

Musk has also pushed other companies to follow his lead. Last month, the billionaire said he would agree to eat a Happy Meal on TV if fast food giant McDonald’s started accepting Dogecoin.

About Matthew R. Dailey

Check Also

The Benefits of a Hosted Payment Page and Why Business Owners Should Have One

As technology advances, new forms of payment emerge, and one of the most popular is …