Uber CEO Dara Khosrowshahi has signaled that cryptocurrency may be accepted as payment at the ride-hailing firm. Khosrowshahi told Bloomberg:
“If you ask if Uber will accept cryptocurrencies as payment in the future, my answer will one day be. However, the time zone we are in right now is not suitable for this. Surely one day we will accept cryptocurrencies as payment.”
Khosrowshahi, who took the helm of the company in 2017, said that he and his team are constantly discussing the possibility, although some factors are holding them back. These concerns include the negative environmental impacts associated with crypto mining, as well as the high transaction costs required by digital asset trading.
“The trading mechanisms of cryptocurrencies are quite expensive. Therefore, they are not a good enough tool to be used to make instant payments. In addition, there are some environmental concerns regarding Bitcoin and other cryptocurrencies. If the amounts paid to transact become cheaper and less harmful to the environment, you can be sure that we will attract more attention to the cryptocurrency sector.”
Alongside these, some other tech firms, such as Tesla, have also considered expanding their payment mechanisms to include digital assets.
Crypto advocates have long pressed for Bitcoin and other cryptos to be viewed as a form of payment, but critics point to price volatility as reasons against it, among other reasons.