Uber Once Again Says It’s Considering Crypto Years After Mulling BTC Payments

Uber’s renewed interest in cryptocurrency as a payment method, as expressed by CEO Dara Khosrowshahi at the Bloomberg Tech conference, marks a significant development in the company’s ongoing exploration of digital assets. This isn’t a new consideration for Uber; it represents the third public instance since 2021 where the company has voiced its intention to investigate crypto payments.

Khosrowshahi’s current focus centers on stablecoins, highlighting their potential for practical applications beyond simple value storage. He sees them as particularly promising for international companies like Uber, streamlining global money transfers. This preference for stablecoins contrasts slightly with previous statements that included Bitcoin. While acknowledging Bitcoin’s established position as a commodity, Khosrowshahi emphasized the more immediate potential of stablecoins for Uber’s operational needs.

This latest statement builds upon previous pronouncements. In September 2021, Khosrowshahi indicated an interest in accepting Bitcoin and other cryptocurrencies, while firmly dismissing any plans to hold crypto on the company’s balance sheet. A later statement in February 2022 reaffirmed the company’s intention to accept cryptocurrencies eventually, contingent upon improvements in exchange mechanisms regarding cost and environmental impact.

The timing of these announcements provides interesting context. His 2021 comments preceded three months of relatively flat Bitcoin pricing. Conversely, his February 2022 remarks came shortly before a significant market correction. This raises questions regarding the impact of such pronouncements on market sentiment, though a direct correlation remains unproven.

Currently, Uber is in the “study phase” of evaluating stablecoins for operational use. The company’s early involvement with the Diem Association, joining in 2019 to support Meta’s now-defunct stablecoin project, underscores its long-standing interest in the potential of stablecoins to revolutionize global payment systems. This continued exploration suggests a potential shift towards broader cryptocurrency adoption within the ride-hailing giant, though concrete implementation remains uncertain.