Is General Motors (GM) Next Car Maker To Accept Bitcoin After Tesla??

By Prashant Jha
Published March 26, 2021 Updated March 26, 2021
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Is General Motors (GM) Next Car Maker To Accept Bitcoin After Tesla??

By Prashant Jha
Published March 26, 2021 Updated March 26, 2021

General Motors (GM), the 113-year-old car manufacturer could follow leading car manufacturer Tesla and add Bitcoin to their treasury as per City AM. The assumption is made based on a recent survey conducted by the company that asked its customers whether they would be comfortable in using cryptocurrency as a method of full or part payment.

The feedback form initiated by GM comes days after Tesla announced that it would allow US customers to pay for Tesla cars in Bitcoin. Apart from that Musk also promised that the Bitcoin proceeds from the car sale won’t be converted to fiat.

Tesla bought $1.5 billion in Bitcoin a month ago and has already made $1 billion profit on their Bitcoin purchase. While many criticized Tesla’s decision to invest in a volatile asset, however, Elon Musk’s recent decision to allow Bitcoin purchases surely shows tech billionaires’ determination towards the top cryptocurrency.

GM CEO Had Dismissed Bitcoin Investment Speculations Last Month

The speculations about GM possibly looking to invest in Bitcoin might have arisen from its recent feedback campaign, however, only last month CEO of the firm Mary Barra had dismissed any plans of Bitcoin investment but suggested that they would evaluate depending on customer’s demand, saying,

“We don’t have any plans to invest in Bitcoin, so full stop there,”

 “This is something we’ll monitor, and we’ll evaluate, and if there’s strong customer demand for it in the future, there’s nothing that precludes us from doing that.”
It is also important to note that General Motors were among the first to incorporate blockchain technology by patenting blockchain uses for driverless vehicles and personal security data. Many believe the dismissal could just be a company strategy where they don’t want to reveal anything unless it’s final. The fact that many traditional banking giants including Morgan Stanley and Goldman Sachs started offering Bitcoin services was primarily because of growing client demand.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1277 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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