General Motors (GM) is considering accepting Bitcoin as a payment method

Earlier, Elon Musk’s Tesla Company had allowed American consumers to pay for car purchases through Bitcoin, and Tesla even bought Bitcoin as an investment.

Of course, considering that Elon Musk has a better attitude towards cryptocurrency, it is not surprising that Tesla, a new car-building force, supports Bitcoin payments.

But now the well-known multinational automobile manufacturing company General Motors is also preparing to support Bitcoin payments, which shows that the attitude of traditional American institutions towards Bitcoin is changing.

It is reported that General Motors CEO Mary Barra suggested that the company accept Bitcoin payments on the earnings call, but GM is still evaluating it.

It is a strange thing for Tesla to accept Bitcoin payments because Tesla’s payment method is developed by the company itself rather than through a cryptocurrency payment provider.

“Bitcoin vs. Ethereum”by QuoteInspector is licensed under CC BY-ND 2.0

Usually, payment service providers will accept the cryptocurrency paid by consumers, including Bitcoin, and then sell them at real-time prices and convert them into legal currencies before settlement to the corresponding merchants.

Tesla directly establishes a Bitcoin blockchain node within the company, and the Bitcoin paid by consumers will be directly stored in the Tesla wallet and will not be exchanged for legal currency.

This shows that Elon Musk’s attitude is very clear that it is hoarding Bitcoin instead of selling it, but it may be crazy for General Motors to keep Bitcoin.

Mary Barra said at the earnings meeting that GM should consider supporting consumers to pay through Bitcoin, but the GM board of directors has not yet made a decision.

At the same time, Mary Barra emphasized that although GM will accept Bitcoin as payment, it will not directly invest in Bitcoin at present, that is, purchase Bitcoin through the company’s cash reserves.

Mary Barra did not explain why it will not invest directly in Bitcoin but only said that General Motors will closely monitor and evaluate the subsequent development of Bitcoin.

Via: pymnts