Unlike Tesla, GM confirms it has no plans to invest in bitcoin



In a statement during General Motors’ fourth-quarter earnings call on Wednesday, CEO Mary Barra confirmed that the veteran American automaker has no plans to invest in bitcoin. Barra noted that for today, GM would be tracking client requirement as it weighs its options concerning whether it might take the cryptocurrency as a form of payment for its own vehicles and services. 

The bitcoin query was shared by Morgan Stanley’s Adam Jonas, an analyst who has followed Tesla for many a long time. In response to Jonas’ question, Barra remarked that “We overlook ’t have any plans to invest in bitcoin, therefore full-stop there. ” She did state that nothing could prevent GM from investing in bitcoin in the future when the need arises. “This is some thing we’ll monitor, and we all ’ll evaluate. If there’s strong client demand for it in the future, there’s nothing that precludes us from doing that,” she said. 

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Barra’s comments came only days after Silicon Valley-based electric vehicle maker Tesla revealed that it had purchased $1.5 billion value of bitcoin at January. In its filings with the SEC, Tesla said that it had purchased the cryptocurrency for “more flexibility to diversify and maximize returns on our money. ” The EV maker noted that it anticipates bitcoin to provide it liquidity ahead of its plans to begin accepting the cryptocurrency as a form of repayment in the near future. 

In ways , it would be simple for Tesla to embrace bitcoin as a form of payment contemplating that the business utilizes a direct sales model, which makes it possible for clients to purchase their cars directly from the firm. On the other hand, GM uses a traditional franchised dealership community, meaning that in case the legacy automaker does adopt cryptocurrency, it might have to perform a procedure with its dealers and their shared systems. 

This doesn’t signify that cryptocurrencies plus a dealership community could not operate together, however. In a statement on Tuesday, Billionaire businessman Tilman Fertitta told CNBC that his luxury car dealership, Post Oak Motor Cars, has sold 17 automobiles to clients utilizing bitcoin. The billionaire also remarked that his automobile was accepting trades in digital money for almost three years. “Tesla taking it’s significantly more important than me , but believe it or not, we’ve sold 17 automobiles — Bentleys and [Rolls-Royces] — together using bitcoin,” Fertitta said. 

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