Uber To Accept BTC To Pay For Rides In The Future, Says CEO

Uber will accept cryptocurrencies as payments for cab rides "at some point" in the future, its CEO said.

CEO Dara Khosrowshahi said during a Bloomberg Television interview Friday that consumers will ultimately be able to pay for rides using Bitcoin — however, the business is waiting for several changes before giving this initiative a green light.

The executive identified a few significant roadblocks preventing Uber from climbing on the Bitcoin bandwagon.

He cited the environmental impact of cryptocurrency mining – which consumes a massive amount of electricity – as well as the high prices associated with digital asset exchanges. Given the constraints, Khosrowshahi stated that Uber's involvement is "not the right time."

"As the trading mechanism gets more affordable and ecologically friendly, I believe you will see us lean a little more toward crypto," he continued.

When it comes to contemplating digital assets as a method of payment, some have expressed concern about the volatility of cryptocurrencies. As per data on Coinmarketcap, Bitcoin is trading at $42,125.87 at 4:21 AM EST, down significantly from its November all-time high of $69,000.

While large organizations have been sluggish to accept cryptocurrency for transactions, the practice has gained traction in recent years. In 2014, Microsoft began accepting bitcoin as a method of payment in its online store.

Tesla began accepting Dogecoin as payment for some products in its online store in January this year. The company's founder, Elon Musk, has long been a proponent of Bitcoin, Dogecoin, and other cryptocurrencies.

Musk has also encouraged other businesses to follow suit. The billionaire previously stated that he would agree to eat a Happy Meal on television if fast-food behemoth McDonald's began taking Dogecoin.

To this McDonald's responded by saying that they would do so only on the condition that Elon’s company Tesla start accepting Grimace coin. This caused Grimacecoin to surge 285,000%.

Moreover, even auction houses have started accepting cryptocurrencies for selling artefacts, as seen recently in the Sotheby's auction of a rare black diamond.