Since Uber's new CEO, Dara Khosrowshahi, accepted cryptocurrency payments at his last company, some wonder if we'll see Uber accept Bitcoin payments in 2018.
While Bitcoin is viewed as a storage of value right now, having a well-known company like Uber accept Bitcoin payments would be a huge win for cryptocurrency investors. It would create more awareness about Bitcoin, which could increase the demand for the coin.
When the demand goes up, prices tend to climb higher.
And there are two serious benefits for businesses accepting Bitcoin, too...
The Benefits of Accepting Bitcoin Payments
The first benefit of accepting crypto coins like Bitcoin is the processing speed. It can be up to three business days before the funds from credit card payments are available to a business, according to Intuit.
Free Book: The secrets in this book helped one Money Morning reader make a $185,253 profit in just eight days. Learn how to claim your copy here...
Instead of Uber waiting for days for a credit card transaction to clear, it would have Bitcoin deposited to its account almost instantly through virtual currency payments.
The second benefit of Bitcoin payments is security.
Retailer Target Corp. (NYSE: TGT) was attacked by hackers in 2013, and the hackers were able to obtain the names and credit card numbers of tens of millions of TGT customers.
Target was forced to pay $18.5 million in settlements.
But through Bitcoin, a company wouldn't have to store a customer's data. Blockchain technology confirms transactions on a public ledger while also keeping personal information private.
Thanks to his forward-thinking approach, Khosrowshahi knew cryptocurrency payments would be more than a trend when he was the CEO of Expedia Inc. (Nasdaq: EXPE) from 2005 to 2017. Expedia started accepting the digital coin back in 2014.
That could be a signal that Uber may accept Bitcoin in the future...
Dara Khosrowshahi Made a Bold Move Accepting Bitcoin at Expedia
[mmpazkzone name="in-story" network="9794" site="307044" id="137008" type="4"]
Expedia Vice President of Global Product Michael Gulmann declined to provide Bitcoin sales totals, but he said Bitcoin payments on the travel site met and exceeded expectations, according to a July 2014 CoinDesk report.
However, because of Uber's scandals in 2017, don't expect to pay for an Uber with Bitcoin anytime soon...
From sexual harassment allegations to Uber being sued by Google's automated car company, Waymo, for patent infringement, Khosrowshahi has to completely change the culture of his new company.
He also wants to make Uber profitable in the next two to four years, in preparation for an IPO. And it's going to take some work to get Uber in the black.
Uber lost $2.8 billion in 2016, and it's on track to lose $2.7 billion in 2017.
That also means Khosrowshahi has so much on his plate that implementing a system for Uber to accept Bitcoin isn't high on his list of priorities right now.
But as any news breaks about Uber and Bitcoin, we will let Money Morning readers know through our free Profit Alerts service. Through Profit Alerts, we send real-time updates on the breaking news and updates that matter to you.
Want important reports about Bitcoin hard forks sent right to your e-mail for free? Add our "Bitcoin/Cryptocurrency Update" alert to your list.
Do you want to keep track of IPOs and companies like Uber planning to go public? Add our "IPO Watch" alert to your list.
Start receiving our free moneymaking recommendations in real time, right here.
What's in this book helped one reader make $185k in eight days... With the secrets you'll find in this book, Money Morning subscriber Jamie Newton made a $185,253 profit in just over a week! Click here to learn how you can claim your free copy today.