The American company Uber is one of the most extensive intermediary services from the field of passenger transportation. San Francisco’s company once started as a limousine service, but today serves the entire range of driving services. Its success turned Uber into a company that generates double-digit revenues in billions of dollars annually. As an intermediary, Uber receives about 25 of the respective ride price. And according to current reports, this price could be paid in Bitcoin (BTC) in the future. As Uber CEO Dara Khosrowshahi announced, the company is dealing with the largest cryptocurrency by market capitalization. With this, Uber could join the ranks of prominent companies that are currently making headlines around bitcoin.
In a recent interview with CNBC, Uber CEO Dara Khosrowshahi said that the company is looking into cryptocurrencies as a means of payment for its services. Specifically, Uber evaluates the use of Bitcoin as another option that the company’s customers can use to pay for the services they book. Khosrowshahi stated that the company already accepts local currencies and therefore does not make a difference to cryptocurrencies, provided that customers demand this option. And quite obviously, there is a demand for it. The long-time CEO said that this is good for the ride-hailing company’s business, and drivers and customers can also benefit from digital currencies.
However, Dara Khosrowshahi added that Uber will not make cryptocurrencies a part of its own investment strategy, as many other companies do. He added that the company generally does not rely on risky transactions. “We will keep our money safe. We are not in the speculation business,” said the 51-year-old Iranian. For Uber, however, bitcoin is not just a publicity stunt, which would also speak against the company’s serious approach. Instead, the ride service provider is planning a long-term deployment of the cryptocurrency developed by Satoshi Nakamoto. However, it is still unclear whether bitcoin is intended for all of Uber’s services or is only planned in some areas. Uber also includes meal delivery via UberEats in addition to its core business.
Dara Khosrowshahi’s statements fit seamlessly into the current reporting around bitcoin. While the bulls are pushing the price to ever new heights, reports emerge almost daily that large companies deal with bitcoin or even investing. The best example is Elon Musk, who is dumping around $1.5 billion into Bitcoin via Tesla. As if that were not enough, Musk also drove up the price of DogeCoin with his tweets. The short messaging service Twitter CFO recently conducted an interview with CNBC’s Squawk Box about the leading cryptocurrency. Ned Segal, who is in charge of Twitter’s finances, shared that they are looking into how to pay employees or customers if they want to use bitcoin.
Institutional investors continue to be interested in digital currencies. Grayscale is still buying gigantic amounts of BTC, ETH, and co to meet the demand for its crypto funds. BNY Mellon, a financial services provider, focused on institutional clients, is also planning to develop a solution to store and manage digital assets. In the past, companies such as MicroStrategy and Square Inc. invested large sums of millions in bitcoin. As a result of the current developments, the price of digital currency reached a new all-time high. On Feb. 12, 2021, the price reached a new record high of $48,745.73, according to Coinmarketcap.
Many of the companies are looking into digital currencies as they noticed an increasing demand among their customers. Some customers or even employees would like to be paid with a cryptocurrency. Accordingly, Bitcoin and Co could be available as a means of payment on a large scale in the future — similar to local currencies, which are already part of the payment processes.
The American company Uber made a name for itself as a provider of ride services. Today, countless subsidiaries with various services are part of Uber’s corporate structure. As it has now become known, the company is planning to use bitcoin as a means of payment. Dara Khosrowshahi, CEO of Uber, told CNBC that many customers and employees want payments in the form of digital currency. From the company’s perspective, bitcoin is on par with local currencies that are already available as payment options. Uber’s announcement comes when many other major companies are also exploring and investing in digital currencies.
I share more intimate thoughts in a monthly newsletter that you can check out here. Please let me know in a comment, and let’s build your crypto universe via Patreon. Join me on various social media platforms: