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An Uber Crypto Future Could Be Closer Than You Think

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Martin Young | Jan 07, 2020 | 05:00

An Uber Crypto Future Could Be Closer Than You Think Op-Ed

An Uber Crypto Future Could Be Closer Than You Think

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Martin Young | Jan 07, 2020 | 05:00


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According to Binance’s CEO, cryptocurrency technology will become a part of everyday life over the next decade, including when using Uber.


CRYPTO WILL BE EVERYWHERE

The past couple of years in the crypto space have been likened to the mid-1990s before the internet went mainstream. People didn’t have email accounts because they didn’t know what they were, or how to use them. Today, email has been usurped by hundreds of different social messaging platforms.

Crypto is a little like this in that it is not that easy to use unless you’re tech minded, and very few people really know what it is.

Binance recently released its 2020 message for building a future on crypto, and in it are some wild but highly plausible predictions. CEO Changpeng Zhao likened 2019 to building the foundations of a house. He acknowledged that the year has been a tough one and a lot of this work is unseen.

Most of the report was focused on company achievements and plans for 2020, but the final section on the future of crypto had some interesting predictions.

By 2030, not only will blockchain and crypto still be around, they will be everywhere. Crypto will be used to pay for self-driving versions of Uber. Crypto will be used to buy things from half a world away and have them delivered to you via drones.

The Uber reference in particular is thought-provoking, as the two go hand in hand. Crypto payments for autonomous vehicles are the perfect match.

WHEN UBER?

Uber has massively disrupted the way people travel. Ride hailing was first with the maiden trip across San Francisco in July 2010. The business then morphed into freight, food deliveries, and self-driving vehicles.

According to reports the company is facing a bit of a crisis at the moment with a $29 billion market cap loss since it went public in May. It may need to reinvent itself and one way to do this would be to embrace cryptocurrencies.

The company is already familiar with crypto having paid a ransom in bitcoin following a hack back in 2017. Currently the firm remains reluctant to delve into digital currencies although some drivers will accept them.

Considering that the demographics of Uber’s customer base are younger, they are more likely to hold or be involved in crypto assets than older generations. The nature of micro-payments for low cost services also makes crypto more suitable than costly credit cards.

Some drivers already If and when Uber finally embraces crypto payments, all of its competitors are likely to follow which will be the first major step in mainstream adoption.

When will Uber finally accept crypto payments? Add your comments below.


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