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.
“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.
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.