General Motors, one of the giant automakers that like to transition to full-EV production, announced that it is now studying how to use Bitcoin or BT as its mode of payment.
This could be a great innovation, especially since most of the transactions today are now done online. However, some critics and other crypto analysts claimed that once GM completes its evaluation, the new BTC payment mode could be bad news for Elon Musk.
They even added that this could make him change his stand against the giant digital currency. Bitcoin is considered the most popular crypto right now because some experts criticize its network's rising energy consumption.
However, this seems to be having no effect on BTC since the company confirmed that it plans to add another Fortune 500 company to its growing partners.
General Motors' To Have BTC As Payment Mode?
According to WCCFTech's latest report, the giant automaker's CEO, Mary Barra, said that they are still monitoring BTC.
She confirmed General Motors' current plan after she was asked by Adam Jones, one of the analysts at Morgan Stanley.
"Sure, Adam. Well, first of all, we don't have any plans to invest in Bitcoin, so full stop there," said Barra.
"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," added General Motors' CEO.
However, General Motors' plan is quite different from Tesla, since Elon Musk's giant EV maker already invested around $1.5 billion in cryptocurrency earlier this 2021.
Barra stated that although GM is evaluating BTC, the company doesn't consider investing a huge budget on digital currency. However, General Motors CEO also added that the alleged BTC payment mode still depends on the demand of the company's consumers.
There's a high chance that this could happen since almost 46 million residents of the United States own at least some fraction of Bitcoin.
GM's Full-EV Plan Seems To Be Becoming More Expensive
On the other hand, The Verge reported that General Motors' EV plan seems to be getting more expensive. GM announced that it would raise its investment to $35 billion this coming 2025.
This budget is expected to be used for the company's EV and autonomous vehicles. The new budget is 30% higher compared to its recent estimated investment amount. However, GM said that this will still depend on the sales they will make these coming years.
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Written by: Griffin Davis
