Call for improvement of transaction costs and environmental issues, Uber CEO: We will definitely accept cryptocurrency payments in the future

Uber's stock price has nearly halved since the beginning of last year. CEO Dara Khosrowshahi shared his views on record inflation, Uber Eats business, and cryptocurrency payments in an interview with Bloomberg.

Is Inflation Hitting Uber's Business Hard?

The Bloomberg host mentioned whether record inflation has significantly affected users' willingness to ride with Uber. Dara Khosrowshahi stated that this issue is worth paying attention to, and if Uber's market is oversupplied, demand can still be created by continuing to expand services such as ride-sharing and delivery.

He emphasized that Uber's most challenging time was recruiting a large number of drivers and delivery people, and although inflation is indeed a fact now, the supply and demand in Uber's market have reached a relatively good balance.

Reasons for Long-Term Optimism in Uber

The host pointed out the impact of interest rate hikes on the financial market, which also caused short-term fluctuations in Uber's stock price, and was curious about why Khosrowshahi remained confident about the future.

Khosrowshahi stated that business growth is faster than ever, with grocery delivery services reaching historic highs, and is expected to achieve positive cash flow in 2022.

The host then asked whether delivery services and ride-sharing services are more of a hedge, especially during the pandemic when Uber's business declined while delivery services rose, and whether the two businesses can coexist. Or will delivery services quickly fade after the pandemic subsides?

Khosrowshahi admitted that in the short term, there may be a certain hedge between the two, but because of this, Uber can continue to expand its business regardless of whether it faces the impact of a pandemic resurgence in the long term.

Cryptocurrency Payments

Khosrowshahi emphasized that Uber has always been discussing the possibility of accepting cryptocurrency as a payment option:

Bitcoin and some cryptocurrencies are valuable and can serve as a store of value, but the current transaction costs as a medium of exchange are too high and unfriendly to the environment. Therefore, now is not the time, but when the above two points improve, I think Uber will definitely accept cryptocurrency payments in the future.