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There are already small car dealers on the market today who accept payment bitcoins. However, we are getting closer to systemic solutions, because after Elon Musk's unequivocal declaration, General Motors also announced that it looks favorably towards cryptocurrency. Marry Barry, the head of the concern, argues that there is nothing to prevent her company from enabling cryptocurrency payments for cars.
Elon Musk has a habit of going ahead and announcing unexpected news to the world. When it chirped in the early spring that Tesla would accept bitcoin as payment for its cars, it was almost certain that more would follow. Earlier, in February, Musk and his company purchased a cryptocurrency worth about $ 1,5 billion on exchanges. This is the largest such transaction officially made by a global concern.
Not only Tesla invests in blockchain
The glove was thrown by one of the oldest and largest car manufacturers - the American General Motors. However, a month ago, the head of the concern Marry Barry stated that her company did not have any plans to invest in Bitcoin.
- Musk forced all competitors to change their minds. At least when it comes to the PR layer. There is no doubt that such a huge concern as General Motors has been following possible solutions and facilitations for customers for a long time. After all, General Motors has a lot of experience when it comes to investing in blockchain - emphasizes Marcin Wituś, CEO of Geco.one, an exchange platform for trading digital records, which is part of the Polish-Estonian Chamber of Commerce.
Marcin Wituś reminds that General Motors was one of the first traditional producers to pass Rubikon and two years ago invested in blockchain technology on which the cryptocurrency market is based. GM has launched, among others patent works on the use of this technology in autonomous cars. At the beginning of 2019, together with the start-up Spring Labs, she started working on the implementation of blockchain-based systems that would facilitate the flow of information and prevent counterfeiting.
General Motors drives quieter after bitcoins
What did the head of General Motors say? Marry Barry, when asked during a phone call about her company's results for the fourth quarter of 2020, replied to Adam Jonas, an analyst at Morgan Stanley, that her company did not intend - like Tesla - to invest in the bitcoin market. However, she added: "A payment with bitcoin or other cryptocurrencies is something that we will monitor and evaluate. If there is a strong customer demand for it in the future, nothing prevents us from going into it. "
Marcin Wituś, one of the creators of the Polish cryptocurrency exchange Geco.one, emphasizes that the conservative message from the General Motors CEO should not surprise anyone. - This company has a completely different management style than Tesla. The possible acceptance of bitcoins by one of the largest car manufacturers is another signal that we cannot still talk about the cryptocurrency in the future. This is just happening and bitcoins are already part of the market. However, to accept bitcoin in showrooms, GM would likely have to change its relationship with dealers as they, not the parent company, deal with retail transactions - says Marcin Wituś.
On the other hand, the American CNBC station - after Marry Barry's statement - reached one of the individual car dealers in the US, which already accepts bitcoin and has been able to pay for cars with cryptocurrency in its showroom for several years.
Stabilization in the cryptocurrency market?
At the end of March, the price for bitcoin was slightly falling and was approaching 50. dollars. After Musk's information that Tesla will allow you to buy cars for cryptocurrency, the value of bitcoin has increased to around $ 53. - However, the spike wasn't as big as it was in February, when Musk reported that his company had bought $ 1,5 billion worth of bitcoins. Then the rate shot up by several percent. Information from General Motors, which will probably also stimulate further companies to act, will probably stabilize the value of bitcoin, and in the long run, further increases - comments the CEO of Geco.one.
