The automaker General Motors – one of the largest and most storied transnationals in the United States – is open to accepting bitcoin (BTC) as a means of payment, if its customers demand it. The news was announced by the CEO of the firm, Mary Barra, and caused excitement in the crypto ecosystem.
The adoption of bitcoin (BTC) both as a store of value and as a payment method is a growing practice in various companies around the world. The arrival of the leading cryptocurrency to large transnational companies – as happened with Tesla – could be a new boost for price and total market capitalization.
“We certainly want to make the entire buying and owning experience as easy as possible,” Barra said in an interview with CNBC. And he added: “There is nothing stopping us from (accepting BTC). Our clients will guide us”.
The businesswoman’s stance on bitcoin has changed in recent months. In February, when Elon Musk announced that Tesla would accept payments in BTC and the price soared, Barra did not support the initiative and was not predisposed to push a similar initiative at GM. However, the growing interest of retail investors, large companies and the world’s largest banks changed their mind.
Despite Tesla suspending payments in BTC last month due to the alleged environmental impact of crypto mining, Musk announced this week that the company would accept the cryptocurrency again if at least 50% is extracted with sustainable energy.
While the magnate’s decisions caused downturns of up to 50% in the leading cryptocurrency, some specialists highlight the risky move as a strategy to boost sustainable mining projects and quickly reduce the environmental impact of the activity, which is nonetheless considerably less than gold mining or the operation of the banking system.