General Motors May Start Accepting Bitcoin If There's Customer Demand

[Leviathan.007]

General Motors CEO Mary Barra told CNBC on Wednesday that "nothing is stopping" her company from accepting Bitcoin payments:
"There's nothing that precludes us from doing that. We'll be driven by our customers."
Barra claims that GM is trying to "simplify" its customers' shopping experience and ownership.
In February, after Tesla bought $ 1.5 billion worth of bitcoin, Barra said her company would evaluate bitcoin acceptance.


Source: https://u.today/general-motors-may-start-accepting-bitcoin-if-theres-customer-demand-says-ceo-mary-barra

[btc_angela]

Of course, everything is customer driven, if there is a customer demand then definitely they will accommodate it. The problem is how will they know if there is a demand on their products from their customer?

And pretty sure that there will be, as crypto on bitcoin is slowly going mainstream, so still a win win for companies such as General Motors to accept it outright, just my opinion.

[avikz]

General Motors CEO Mary Barra told CNBC on Wednesday that "nothing is stopping" her company from accepting Bitcoin payments:
"There's nothing that precludes us from doing that. We'll be driven by our customers."
Barra claims that GM is trying to "simplify" its customers' shopping experience and ownership.
In February, after Tesla bought $ 1.5 billion worth of bitcoin, Barra said her company would evaluate bitcoin acceptance.


Source: https://u.today/general-motors-may-start-accepting-bitcoin-if-theres-customer-demand-says-ceo-mary-barra

I am very surprised to see such statement is coming from Mary. The risk appetite of GM is not good. They are always scared about exploring new markets and don't have the capability to stay in a market for a long time if challenges are thrown to them. They always try to avoid risks. So such statement about accepting bitcoin is either a gimmick or her personal preference. I will be shocked if GM actually starts accepting bitcoin as one of their payment methods.

[NicNacCoin]

General Motors CEO Mary Barra told CNBC on Wednesday that "nothing is stopping" her company from accepting Bitcoin payments:
"There's nothing that precludes us from doing that. We'll be driven by our customers."
Barra claims that GM is trying to "simplify" its customers' shopping experience and ownership.
In February, after Tesla bought $ 1.5 billion worth of bitcoin, Barra said her company would evaluate bitcoin acceptance.


Source: https://u.today/general-motors-may-start-accepting-bitcoin-if-theres-customer-demand-says-ceo-mary-barra

Actually all business systems completely depends on customer demand and needs. If customers don't have to buy motors with bitcoin and others cryptocurrencies,then it would not be acceptable. But if they are interested,then it could be accepted.

[Bitstar_coin]

At least they are open to accept btc whenever there is a demand for it, i think this is an opening for further opportunities, unlike other companies that will automatically reject accepting btc without given it a thought, am sure sooner there will be customer demand to buy with btc, since the news is already out and many btc lovers are aware of this fact, it won't be long before they will start getting offer, more good news for btc.

[CryptoStar19]

The reason Goldman Sachs, JP Morgan, Morgan Stanley and others have started to provide their financial clients with instruments to gain crypto exposure has been driven by their customers' demand and not by the financial institutions' desire to be involved in crypto.

The whole bitcoin movement has been fueled by people... institutions have joined the space only after it has reached a certain level of maturity with popular support.

So yes, in time, many more than just GM will provide crypto payment options because we the people will increasingly demand it.

[passwordnow]

That should also be the stand of other motors company if a customer is demanding to pay them in bitcoin. They can easily convert it and it's very liquid. It just so happen that Elon talked a lot of it badly and that's why many have been discouraged to discuss it anymore.
As long as the company has someone who understands how to accept and convert it eventually to cash if they want to then that's an easy task for them to accept payments in bitcoin but, they can also hold it and just do what others did, hold it as an investment of their company.

[DaveF]

There are some dealers that accept bitcoin. And, as far as I know GM (unlike Tesla) has no directly owned dealerships.
So I think this is more of a make a statement to the press.
Since most dealers are free to accept or not accept any sort of payment they want BTC could always be an option.

Once again, this is US based. I do not know how they handle international dealers.

-Dave

[stompix]

If there is demand!

Now reading the topic about Tesla accepting bitcoin back a few months ago and with the overwhelming attitude that it makes no sense to spend your precious coins buy a car with BTC, how many people do you think will actually purchase a car with BTC?
Of course, anyone can demand for a payment option in BTC, but how many are actually considering on using it?

One digital currency enthusiast, Mason Borda, told Reuters he bought a Tesla Model 3 in 2016 using bitcoin through a company called Shakepay.
Borda, chief executive of cryptocurrency software company TokenSoft, said he regrets the purchase, because of how bitcoin values have soared. When Borda bought the car, each bitcoin was worth about $400. As of Monday, however, it was worth over $44,000. That means the $130,000 spent on the vehicle would be worth more than $14 million in bitcoin today. "I recommend against purchasing big-ticket items with Bitcoin," he said. The "novelty" of doing so can quickly fade if the price rises dramatically, he said.

I pretty much envision how this will go, GM will be bombarded with millions of tweets about accepting bitcoin, it will implement it, and then in one year they are going to see at best 10 sales in BTC and they will decide to close it down as there is no actual demand.

Is anyone planning on buying a car with their coins or keep them till they hit at least 100k?  

[Lakai01]

The reason Goldman Sachs, JP Morgan, Morgan Stanley and others have started to provide their financial clients with instruments to gain crypto exposure has been driven by their customers' demand and not by the financial institutions' desire to be involved in crypto.

With respect, I don't think so. I can't imagine that GM in particular has the customer base that says "I'd like to pay with Bitcoin, why isn't that possible". I think if you start a poll here in the forum, who has actually ever paid something with Bitcoin, then that will definitely be a fraction of the users. Bitcoin and co. serve for many of us as a form of investment and much less as a form of payment system.

Rather, this is simply free advertising for GM to show that they are open to cryptocurrencies. It is very difficult for me to imagine that there is an actual demand behind this.

[Yogee]

..The problem is how will they know if there is a demand on their products from their customer?

Tweet a " Should General Motors accept _____" poll like Elon? Just change the Doge to BTC hehe.

...They always try to avoid risks. So such statement about accepting bitcoin is either a gimmick or her personal preference. I will be shocked if GM actually starts accepting bitcoin as one of their payment methods.

The statement itself is playing safe with that IF. There's still a way to avoid risk if they start accepting BTC as customer demands by partnering with third party payment service providers like Bitpay but they probably won't do that either.

[Renampun]

General Motors CEO Mary Barra told CNBC on Wednesday that "nothing is stopping" her company from accepting Bitcoin payments:
"There's nothing that precludes us from doing that. We'll be driven by our customers."
Barra claims that GM is trying to "simplify" its customers' shopping experience and ownership.
In February, after Tesla bought $ 1.5 billion worth of bitcoin, Barra said her company would evaluate bitcoin acceptance.


Source: https://u.today/general-motors-may-start-accepting-bitcoin-if-theres-customer-demand-says-ceo-mary-barra

Bitcoin cannot be rejected by big companies...

The company's trend in recent years is to accept Bitcoin as payment. Bitcoin is real money, simple money, and very valuable. a big decision that will change the future of General Motors if they accept payment with Bitcoin, their stock will definitely go up.

[buwaytress]

If there's customer demand? Bitcoin holders there can't even demand to pay for pizza with Bitcoin. Everyone trying to stack their sats and refusing to use it. Why would they splash out more than 1btc on a car?

Come to think of it, how many Teslas were bought with Bitcoin when they supposedly accepted it?

[uneng]

If I were a whale I would buy a car with my bitcoins without any problems. Or should I convert btc to fiat first and pay extra for the transactions and comissions' fees?
Not all bitcoin enthusiasts are average or poor people expecting the currency will go to the moon to change their lives, so they can finally start using the money. There are also rich adopters who use bitcoin as currency often and don't bother spending it to acquire wealthy goods like cars. If General Motors said they may start accepting btc, it's because they see potential customer's demand in the market.

[nhaila]

If there's customer demand? Bitcoin holders there can't even demand to pay for pizza with Bitcoin. Everyone trying to stack their sats and refusing to use it. Why would they splash out more than 1btc on a car?

Come to think of it, how many Teslas were bought with Bitcoin when they supposedly accepted it?

May be no one bought Tesla car with bitcoin. Bitcoin traders and investors don't have to buy a car with valuable cryptocurrencies . They are interested to hold bitcoin for longer periods.

[Argoo]

General Motors CEO Mary Barra told CNBC on Wednesday that "nothing is stopping" her company from accepting Bitcoin payments:
"There's nothing that precludes us from doing that. We'll be driven by our customers."
Barra claims that GM is trying to "simplify" its customers' shopping experience and ownership.
In February, after Tesla bought $ 1.5 billion worth of bitcoin, Barra said her company would evaluate bitcoin acceptance.


Source: https://u.today/general-motors-may-start-accepting-bitcoin-if-theres-customer-demand-says-ceo-mary-barra

I am very surprised to see such statement is coming from Mary. The risk appetite of GM is not good. They are always scared about exploring new markets and don't have the capability to stay in a market for a long time if challenges are thrown to them. They always try to avoid risks. So such statement about accepting bitcoin is either a gimmick or her personal preference. I will be shocked if GM actually starts accepting bitcoin as one of their payment methods.

The good news is that Elon Musk's statements about accepting bitcoins as a means of payment for the purchase of Tesla electric cars made other large companies think about this issue. If General Motors follows suit, the chain reaction could continue. At the same time, Elon Musk has already raised the problem of the quantity and quality of energy consumed by bitcoin. This problem, due to its significant urgency, will not disappear by itself. States and their governments will gladly embrace and expand this topic. Therefore, Bitcoin will need to decide something and change, otherwise it can significantly lose its position.

[DeathAngel]

This is quite big news but imagine how much mainstream exposure bitcoin will get if GM begin accepting bitcoin.
Every time a big corp integrates bitcoin into their payment systems it’s one step closer to true global, mainstream adoption.

[Vatimins]

     If this even turns into reality someday, it will certainly take much time. This is because most of the big businesses today only observe each other when it comes to accepting bitcoins or any type of altcoin as a means of payment for their products or services. The only reason why she made such a statement may only be because a huge company announced their plans on accepting cryptos along with all the other good news circling around. But hey, be it a service provider or product seller,  as long as there is a huge demand, businesses will surely adjust to reach such market. So let's wait and see because this is truly possible.

[Dewi Aries]

I think it is something good, and worth to do. I mean if want to make bitcoin as payment, maybe for something big like car or house, fees wouldn't be a problem. But if for maybe common thing, i just think if bitcoin is used as payment and fees still high, how we pay a thing with maybe under $10 with bitcoin, sometimes fee is higher. 

[Gamerholic]

This is great news only if they don't talk about the sustainability percentage like Elon Musk. In principle, this is a sensible idea and big business understands that there is nowhere to get away from cryptocurrency, and such a step towards meeting the "young generation" will in any case make a noise around their brand and attract new customers. I think we will see a lot of similar news this year, especially if bitcoin grows and Elon Musk closes his mouth.