Mary Barra, who served as CEO of General Motors for seven years, said the company had no immediate plans to simulate the purchase of Bitcoin from Tesla.
During GM’s fourth-quarter 2020 earnings call today, Barra said the company will monitor demand for customers willing to pay for vehicles that use Bitcoin (BTC), but has not intended to make a massive purchase of cryptocurrencies like Tesla yet.
“This is something that we will monitor and evaluate,” she said. “If there is strong customer demand for it in the future, there is nothing stopping us from doing so.
“We don’t have any plans to invest in Bitcoin, so stop there.”
As an American enterprise, General Motors has not always been at the forefront of innovation. The company canceled one of the earliest mass-produced electric cars, the EV1, in the early 2000s. Rick Wagner, CEO at the time, described this as one of the worst decisions of his time at GM in terms of corporate image.
However, the company is not completely separate from the blockchain ecosystem. GM currently holds several blockchain-based patents, including those for managing data from autonomous vehicles and for constantly updating the vehicle’s navigation map system. Additionally, the company, along with other auto manufacturers, has launched the Mobility Open Blockchain initiative, a group that aims to improve mobility with blockchain technology.
In the wake of Tesla’s $ 1.5 billion acquisition of Bitcoin this week, some CEOs at major corporations have been asked directly whether they will follow the example of the car manufacturer and invest in cryptocurrencies, or consider making them for future payments. Although Twitter’s CFO Ned Segal said the tech company was exploring the possibility of paying its employees in BTC, not many companies suggested that they would follow suit.
GM’s market cap is roughly a tenth of Tesla’s size, at $ 77.9 billion, although it has more than $ 36 billion in cash by the third quarter of 2020 – enough to buy nearly 800,000 BTC after the price of crypto assets plummeted. To less than $ 45,000 today.