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Uber refutes any interest in buying BTC

Photo of: Nathan VDH
by Nathan VDH

Uber will not follow Tesla in investing its cash in Bitcoin. The decision was quickly made among the top executives. For its CEO, Uber is simply not a speculative player.

Is Bitcoin an inflation hedge for companies? Tesla and MicroStrategy concur with this analysis. The strong attendance at an event organized by the latter suggests that other companies could join this bullrun.

But for JPMorgan Chase, the excessive volatility of cryptocurrencies will be a hindrance for the vast majority of large enterprises. Uber, the technology giant in ride-sharing and delivery, is also ruling out the adoption of Bitcoin.

In an interview on CNBC, its CEO Dara Khosrowshahi is adamant about this. The possibility of investing in Bitcoin, like Tesla, was even “quickly dismissed,” he says. And the reason is simple.

“We’re going to keep our money safe,” the Uber boss said, echoing the arguments of the JPMorgan bank. But furthermore, “we are not in the business of speculation,” argued Dara Khosrowshahi.

And if owning Bitcoin seems to contribute to the stock market valuation of companies, Uber does not intend to use this financial instrument. “The positive side of our company is the business we build, not the investments we invest in,” says the CEO.

But while Uber is ruling out the possibility of investing in Bitcoin, the company is not closing the door to payments in cryptocurrencies. The acceptance of this method of payment is therefore under consideration, as with any currency.

“Just as we accept all kinds of local currencies, we will be interested in cryptocurrencies and/or Bitcoin in terms of the currency for making transactions. It’s good for business, it’s good for our drivers and delivery people,” Khosrowshahi comments.

The boss of payment specialist Adyen, on the other hand, is more reserved on the subject. Pieter van der Does believes that Bitcoin is primarily an investment asset rather than a means of payment.

And its volatility undeniably hinders such use. “We are interested in the methods of payment that are being used… I wonder whether the huge movement in the value of Bitcoin helps it as a method of payment,” notes the head of this fintech company.

A report by Morgan Stanley also questions the use of BTC in transactions. The concentration of cryptocurrencies among a few investors for custodial purposes does not facilitate a reversal of this trend.