Bitcoin investors are watching. General Motors CEO Mary Barra has revealed that the company has no plans to invest in Bitcoin following Tesla purchasing $1.5 billion of the cryptocurrency.
But like the popular car maker, GM may accept the cryptocurrency to pay for its services and vehicles.
This, the CEO revealed during the company’s fourth quarter earnings call to a question about whether the automobile giant might accept Bitcoin as a form of payment. Barra had this exchange with analyst Adam Jonas of Morgan Stanley, and it was highlighted in a recent article.
According to the transcript, Jonas asked whether GM might follow other companies in holding Bitcoin to diversify its cash reserves, or whether the firm might accept it as a payment for automobile purchases.
Particularly, because at over $50,000, Bitcoin is optimal for big ticket purchases like a car.
Barra responded that GM had no interest in investing in Bitcoin, but the car maker continues to monitor and evaluate accepting it as a currency for purchasing automobiles. She says that there’s nothing that precludes the company from doing that if there is strong customer demand for it in the future.
General Motors presumably would have to change its relationship with its dealers if this comes to pass, since they handle retail transactions, not the parent company.
But working the process out with its franchised dealer network should not be too hard, if the company does make the decision.
It’s not like there are no previous examples of auto dealerships accepting crypto for cars.
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