General Motors claim it can continue what Tesla recently promised. This means that the giant EV maker could accept Bitcoin as one of its payment modes.
General Motors hinted that it could soon allow Bitcoin payment method. If this really happens, it will be a huge slap in the face of Tesla since Elon Musk also said the same thing. However, he quickly took back his words and decided to cancel their plan.
General Motors wants to make the customer experience of automobile buying as hassle-free as possible and for that, the company may start accepting Bitcoin if the customers drive that change.
GM said if General Motors consumers showed some demand for Bitcoin, there’s a high chance that it will accept the popular digital currency.
Mary Barra, CEO of General Motors, America’s largest automobile enterprise, softened her stance over the inclusion of bitcoin in company transactions.
GM CEO said that General Motors wants to make the customer experience of automobile buying as hassle-free as possible and for that, the company may start accepting Bitcoin if the customers drive that change. If implemented, buyers would soon be able to pay using Bitcoin.
Will GM Also Invest In Bitcoin
Unlike Tesla, Which invested around $1.5 billion on Bitcoin, General Motors said that it is not planning to invest in digital currency. Although this is the case, GM’s recent announcement points towards a slight change in strategy. Though the onus has been put on the customers, there is no denying that GM’s positivity towards the cryptocurrency is heavily influenced by its competitor Tesla’s changing payment structure.
But, the giant automaker still needs to prepare since the inclusion of bitcoin in official transactions will bring its own issues concerning its role in tax evasion and its conversion to actual currency.
Compared to its competitor Ford Motor Co. that announced a $30 billion investment in EV through 2030, the giant automaker has set a $35 billion investment plan for the next 5 years i.e. through 2025 to boost the company’s EV section. On the other hand, the company also announced the setting up of two US battery plants.
However, the popular automaker hasn’t confirmed the exact location yet. With consulting firms setting the estimated total sales of electric vehicles to be around 24% of global automobile sales by 2030, this seems to be the right time for companies to remodel their plans and think of the future.
Meanwhile, some experts and critics claimed that almost all car manufacturers are trying to catch up to the number 1 automaker right now, which is Tesla Incorporated. This can be seen and their sudden decisions to transition to full-EV production. And now, GM could make this a possibility if ever it continues its Bitcoin payment plan.
But, this innovation will still depend on the company’s decision, especially since Bitcoin is currently in a hot seat right now as Elon Musk and other experts are criticizing it.