General Motors May Follow Tesla In Accepting Bitcoin As Payment

Tesla is now the first automaker that officially accepts bitcoin as one way to purchase a vehicle from the brand. This was confirmed by Elon Musk the other day when he tweeted the following text: “You can now buy a Tesla with bitcoin.” It’s probably too early to predict, but it seems that there might be more automotive companies joining Tesla soon.

General Motors hasn’t taken a decision yet, though it has admitted it would evaluate whether bitcoin payments are of interest for its customers. While the manufacturer has no plans to invest in bitcoin, CEO Mary Barra said GM will monitor customer demand for cryptocurrency as a payment method for vehicles and services.

Barra told reporters during GM’s fourth-quarter earnings call last month. “This is something we’ll monitor and we’ll evaluate. If there’s strong customer demand for it in the future, there’s nothing that precludes us from doing that.”

A new report from Reuters also seems to suggest General Motors is open to the idea of accepting bitcoin as an official payment method. Without citing its sources, the publication says the manufacturer would evaluate the situation based on the demand. That’s pretty vague at this point, though the report at least suggests GM hasn’t said ‘no’ yet.

Elon Musk didn’t provide many details about the methodology of the bitcoin payments. He said bitcoin paid to Tesla won’t be converted into traditional currency and the company will use “internal & open source software” to process the payments. Last month, Tesla announced a bitcoin investment worth approximately $1.5 billion

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About Bityard

Bityard is the world-leading cryptocurrency derivatives exchange, fully regulated and compliant with international laws, with the main activity in cryptocurrency contracts with leverage and derivatives exchange.

Bityard operates with licenses from four different countries: The USA, Australia, Singapore, and Estonia.

The following licenses are regulating the exchange activity:

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  • Australian Transaction Reports and Analysis Centre (AUSTRAC)

BitYard, founded in late 2019 and headquartered in Singapore, is the world’s leading cryptocurrency derivative exchange. As one of the fastest-growing exchanges, BitYard has continuously improved its platform to bring BitYard users many advanced trading services. With the current company slogan "Grow Your Future in the Yard", BitYard is fully committed to helping global traders to invest in their own future through its one-stop financial trading services.

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