GM looking at possibility of making Bitcoin purchases available

Last February, Tesla CEO Elon Musk said that they will soon accept Bitcoin payments from customers. This means that apart from paying by cash or credit, the electric automaker will also be accepting payments via cryptocurrency.

In the future, however, another automaker could accept Bitcoin as a form of payment. That other automaker is General Motors (GM), and they said they will be keeping a close eye on it.

According to a report by Crypto Briefing, GM CEO Mary Barra said that they are examining the possibility of Bitcoin as a means of payment.

“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,” said Barra.

But unlike Tesla which invested a whopping $1.5 billion worth of Bitcon, GM said they will not be investing in Bitcoin or other forms of cryptocurrencies just yet.

Barra stressed that despite GM not investing in cryptocurrency, they are serious about its potential. In fact, GM has already filed for several blockchain patents which will serve as the company’s digital ledger for monitoring customer purchases.

While the idea of using Bitcoin as a form currency to buy cars seems far-fetched, 1 Bitcoin is currently equivalent to around PHP 2.676 million. Imagine being able to buy a brand new car for just several Bitcoins in your digital wallet. It’s no wonder GM is actually looking into making cryptocurrency payments available for customers to use.

But until GM actually makes it official, we’ll have to wait and see whether or not customers will be able to use Bitcoin to buy a Corvette, a Suburban, or maybe even a Camaro.