{"id":10263,"date":"2022-02-15T14:20:44","date_gmt":"2022-02-15T14:20:44","guid":{"rendered":"http:\/\/TheNextWeb=1380505"},"modified":"2022-02-15T14:20:44","modified_gmt":"2022-02-15T14:20:44","slug":"uber-claiming-itll-accept-bitcoin-is-nothing-but-a-marketing-ploy","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=10263","title":{"rendered":"Uber claiming it\u2019ll accept Bitcoin is nothing but a marketing ploy"},"content":{"rendered":"\n
<\/div>\n

One day, you may be able to pay for your Uber<\/a> with Bitcoin. Or, at least, that\u2019s what Dara Khosrowshahi, the company\u2019s CEO, told Bloomberg<\/a>.  <\/span><\/p>\n

This <\/span>sounds<\/span><\/i> good, but if you ask me? It\u2019s nothing but a marketing stunt. <\/span><\/p>\n

Before you call me biased, let\u2019s take a closer look at what Khosrowshahi said: <\/span><\/span><\/p>\n

\n

Is Uber going to accept crypto in the future? <\/span>Absolutely<\/b>, <\/span>at some point<\/b>. <\/span>This isn\u2019t the right point, but we will. <\/span><\/p>\n<\/blockquote>\n

I love the wording here. The certainty of \u201cabsolutely\u201d paired with an indefinite future time is the perfect way to make a promise without really making one. <\/span><\/p>\n

It also reminds me of my own recurring statement to my friends: <\/span>I\u2019ll <\/span><\/i>definitely<\/i><\/b> enroll at a gym <\/span><\/i>at some point<\/i><\/b>. <\/span><\/p>\n

No, I haven\u2019t done so yet \u2014 and it\u2019s been two years since I said it. And, between you and me, it\u2019s probably not happening any time soon. <\/span><\/p>\n

Coming back to Uber, why isn\u2019t now \u201cthe right point\u201d to start accepting crypto? <\/span><\/p>\n

Khosrowshahi cited cost and environmental impact as the two main reasons:<\/span><\/p>\n

\n

As the exchange mechanism becomes less expensive and becomes more environmentally friendly, I think you will see us leaning into crypto a little bit more. <\/span><\/p>\n<\/blockquote>\n

Indeed, these are solid reasons. <\/span><\/p>\n

According to Bitinfocharts<\/a>, the average Bitcoin<\/a> transaction fee was $1.9 in January (which isn\u2019t bad), but it\u2019s been fluctuating significantly during the last year, from $0.8 to $62.7. <\/span><\/p>\n

And yes, Bitcoin mining has raised concerns<\/a> over its tremendous energy consumption, greenhouse emissions, water use, and e-waste issues.<\/span><\/p>\n

Let\u2019s not forget the cryptocurrency\u2019s volatility either. On Friday afternoon, a single Bitcoin was worth $42,628<\/a>. In November 2021, it hit an all-time high of $69,000<\/a>. This fluctuation doesn\u2019t make it an ideal payment tool.<\/span><\/p>\n

Here\u2019s the kicker: Khosrowshahi\u2019s reasons not to accept Bitcoin are unpredictable. This means it\u2019s impossible to say when \u2014 and if \u2014 the cost and environmental impact will change to meet Uber\u2019s (totally unspecified) standards.<\/span><\/p>\n

All this leads me to believe that the company\u2019s courting of Bitcoin is more a marketing strategy than a real commitment. <\/span><\/p>\n

Copy from the best<\/h3>\n

We have another player within the automotive space using a similar approach: you guessed it, Tesla.<\/span><\/p>\n

Tesla\u2019s on and off relationship with Bitcoin<\/a> has attracted a shedload of media attention \u2014 and has even affected the crypto\u2019s value as well. <\/span><\/p>\n

It dived when the EV maker paused Bitcoin payment back in May<\/a>, and rallied when Musk announced they\u2019re going to re-accept it one month later<\/a>.<\/span><\/p>\n

Elon explained users can pay with the cryptocurrency only when<\/em> around<\/span> 50% of Bitcoin\u2019s energy use is supplied by renewable sources. Well, at least he gave some specifics \u2014 unlike Uber.<\/span><\/p>\n

In the meantime, Musk thought of another way to use crypto to attract media coverage: Dogecoin. It\u2019s now accepted for some merch in Tesla\u2019s online store<\/a>. <\/span><\/p>\n

Resourceful as ever, Elon even nudged McDonald\u2019s to accept the joke coin: <\/span><\/p>\n

\n

I will eat a happy meal on tv if @McDonalds<\/a> accepts Dogecoin<\/p>\n

\u2014 Elon Musk (@elonmusk) January 25, 2022<\/a><\/p>\n<\/blockquote>\n

I doubt we\u2019ll see Uber\u2019s CEO embarking on similar stunts \u2014 after all, not everyone has Musk\u2019s desperate need for attention. Despite this, it appears the company is adopting some of Tesla\u2019s crypto marketing tactics to gain some media inches and shift its public narrative.<\/span><\/p>\n

And it has many reasons to do so. <\/span><\/p>\n

Uber has been hit by the pandemic and travel restrictions<\/a>, it\u2019s been fighting legal battles<\/a> with EU countries and taxi associations, it\u2019s suffering from driver shortage<\/a>, and its stock has been dropping. For reference, Uber\u2019s market value is now down 21.3%<\/a> over the last year. <\/span><\/p>\n

Under this light, bringing out the big marketing guns and splashing words like \u201cblockchain\u201d and \u201cBitcoin\u201d around seems like a good way to grab some much needed press. <\/span><\/p>\n

Yes, <\/span>I know<\/span><\/i>. I\u2019m actually helping Uber by writing these words. But what can you do? I simply couldn\u2019t resist. <\/span><\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

One day, you may be able to pay for your Uber with Bitcoin. Or, at least, that\u2019s what Dara Khosrowshahi, the company\u2019s CEO, told Bloomberg.   This sounds good, but if you ask…<\/p>\n","protected":false},"author":1,"featured_media":10264,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/10263"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10263"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/10263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/10264"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}