Uber Will Accept Bitcoin When It “Becomes More Environmental Friendly” – CEO Khosrowshahi

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Uber Will Accept Bitcoin When It
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Uber, the largest ride-hailing company globally has confirmed that the firm is open to accepting Bitcoin payments in the future.

In a Friday interview on Bloomberg, the company’s C.E.O Dara Khosrowshahi stated that they were actively engaging in discussions around crypto and when time is ripe for them, they would “absolutely” start accepting payments in Bitcoin.

“We are having conversations all the time,” he told Bloomberg’s Emily Chang and Guy Johnson, “ I think right now what we see, with Bitcoin and some of the other cryptos is that they are quite valuable as a store of value.”

However, Khosrowshahi expressed concerns about Bitcoin’s carbon footprint, noting that Uber would not accept the cryptocurrency as a payment option until it was convinced that its mining mechanism had become greener.

“The exchange mechanism is expensive, it’s not great for the environment,” he added. “As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us leaning to crypto a little bit more.”

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Although Bitcoin accounts for just 0.1% of the global total energy consumption according to the Bitcoin Mining Council, its Proof Of Work (POW) protocol remains one of its biggest stumbling blocks considering the staggering amounts of energy required to mine the cryptocurrency.

With Uber staying committed to running fully electric, zero-emissions rides by 2040, its objective towards tackling climate change remains a top priority. Other companies such as Tesla have also shelved ambitions to accept Bitcoin payments, with Elon Must voicing concerns about the high cost of running the cryptocurrency and its environmental impacts.

Elon had however hinted in June 2021 that Tesla would start accepting Bitcoin payments in the future once there’s confirmation of reasonable (~50%) clean energy usage by miners. The company is, however, yet to embrace payments despite miners already using 56% of their total electricity through sustainable or renewable sources.

That said, Uber’s CEO is optimistic that Bitcoin will rise above its present challenges, but until then, they will just wait.

So we are absolutely watching it and if you ask ‘is Uber going to accept crypto in the future?’ absolutely at some point. This isn’t the right point, but we will,” he continued.