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Uber Will Accept Cryptocurrency Payments In The Near Future

Uber CEO Dara Khosrowshahi revealed their plans to enter the crypto market in a recent interview. When cryptocurrencies become environmentally benign, the company will begin accepting them. According to Dara, there are two major issues with cryptography. The first is that replacing them is costly, and the second is that they are harmful to the environment. As a result, their situation is comparable to Tesla’s, which stopped accepting Bitcoin because of environmental concerns.

Uber is a taxi service that operates in a number of countries. Because they are one of the major corporations in this area, it is encouraging to see them embrace cryptocurrencies. While they haven’t done anything yet, their intention is evident. If they start accepting it at this time, there will be a lot of criticism from the community. It will be similar to how Tesla had to halt accepting Bitcoin. So the concept is straightforward. Simply wait for the proper moment to take action.

Dara Khosrowshahi, the company’s CEO, has grown particularly interested in cryptocurrencies, citing their recent spike in value. He couldn’t stop talking about it in an interview with Bloomberg markets as well. He also referred to Bitcoin and other cryptocurrencies as excellent stores of value. The issue is the exchange process, which is rather pricey. And when the cost of this decreases, it will become more ecologically friendly, and Uber will embrace it.

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While the corporation has never stated explicitly that it is interested in cryptocurrencies, they have been linked indirectly. Oscar Salazar, the company’s co-founder, created the crypto exchange Voyager in July 2018. Then, in December, users could use Bitcoin to pay for Uber rides through the Fold app. So, while their efforts were not entirely direct, their enthusiasm for cryptocurrency is evident.

As a result, it is just a matter of time before Uber begins accepting cryptocurrency payments. There is a chance that when Bitcoin mining electricity becomes more than 50% renewable and Tesla restarts BTC payments, Uber will follow suit.