Uber Is Once Again Considering Crypto Payments, Years After Mulling BTC as Payment Method

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; Khosrowshahi has publicly discussed the possibility on at least three previous occasions.

In his most recent statement, Khosrowshahi highlighted stablecoins as particularly promising for operational use, emphasizing their potential practical benefits beyond simple value storage. This focus is particularly relevant for a global company like Uber, which constantly facilitates international money transfers. The statement reflects a shift in emphasis from previous pronouncements which included Bitcoin and other cryptocurrencies.

Uber’s involvement with the Diem Association (formerly Libra) in 2019, supporting Meta’s then-stablecoin initiative, provides context for this renewed interest. This prior engagement showcases Uber’s early exploration of the potential of stablecoins within the payment ecosystem.

Khosrowshahi’s previous statements on the topic offer a timeline of Uber’s evolving approach to cryptocurrency. In September 2021, he indicated an interest in exploring Bitcoin and other cryptocurrencies as payment options, while simultaneously dismissing the idea of holding crypto assets on the company’s balance sheet. This cautious approach was reiterated in February 2022, where he affirmed future acceptance of cryptocurrencies as a payment method, but only when the associated transaction costs and environmental impact were significantly reduced.

The market’s reaction to Khosrowshahi’s previous comments offers interesting insights. His 2021 comments were followed by three months of relatively flat Bitcoin prices. However, his February 2022 statement coincided with the prelude to a significant market downturn. This lack of a direct correlation suggests that broader market forces likely play a more dominant role in shaping crypto prices than individual corporate announcements. The current statement, focusing specifically on stablecoins, represents a more refined and potentially impactful approach for Uber’s future payment strategies.