America’s largest automaker General Motors (GM) is ready to accept Bitcoin as a payment method if there is enough customer demand for the leading cryptocurrency.
General Motors, the largest automaker in the United States, has signaled its willingness to accept Bitcoin as a means of payment if there is enough customer demand. That was announced by CEO Mary Barra yesterday as she answered questions during the company’s fourth quarter results.
Morgan Stanley analyst Adam Jonas asked if GM could follow in the footsteps of other companies like Tesla by accepting and holding Bitcoin to diversify its cash reserve. The CEO replied that GM is currently not interested in investing in Bitcoin. However, she indicated that the company is ready to accept BTC as a payment option for its vehicles.
“This is something that we will monitor and evaluate. And if there is strong customer demand in the future, nothing stands in the way“Added Barra. GM to accept Bitcoin would not be as easy as Tesla. This is because GM’s dealerships are responsible for handling the retail transactions, rather than the parent company itself.
Tesla is a leading automaker to accept Bitcoin as a means of payment for its electric vehicles. However, this was stopped because of his concerns about Bitcoin’s massive non-renewable energy consumption. Tesla said it will accept bitcoin as a payment option again once miners commit to using renewable energy to mine cryptocurrencies.
Bitcoin’s price has been on a downward trend for the past few weeks. It recently passed the $ 40,000 mark for the first time in weeks. However, the price has fallen again and BTC is currently trading in the $ 38,000 range on various exchanges.