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“We do not plan to spend money on Bitcoin,” says CEO of firm that made the Pontiac Aztek



Mary Barra, who has served because the chief govt officer of Common Motors for seven years, stated the corporate has no fast plans to emulate Tesla’s Bitcoin buy.

Throughout GM’s This fall 2020 earnings name in the present day, Barra stated the agency would monitor demand for purchasers desirous to pay for automobiles utilizing Bitcoin (BTC), however didn’t intend to make a large crypto buy like Tesla simply but.

“That is one thing we’ll monitor and we’ll consider,” she stated. “If there’s robust buyer demand for it sooner or later, there’s nothing that precludes us from doing that.

“We don’t have any plans to spend money on Bitcoin, so full-stop there.”

A U.S. establishment, Common Motors has not all the time been on the forefront of innovation. The agency scrapped one of many earliest mass-produced electrical automobiles, the EV1, within the early 2000s. Then-CEO Rick Wagoner later referred to as this one of many worst choices throughout his time at GM when it comes to the corporate picture. 

Nevertheless, the corporate is just not solely disassociated from the blockchain ecosystem. GM presently holds a number of blockchain-based patents, together with ones to handle knowledge from autonomous automobiles and repeatedly replace a automobile’s navigation map system. As well as, the agency, together with different auto producers, launched the Mobility Open Blockchain Initiative, a gaggle aiming to enhance transportation utilizing blockchain know-how.

Within the wake of Tesla’s $1.5 billion Bitcoin acquisition this week, some executives at main firms have been immediately requested if they may observe the automobile producer’s instance and spend money on crypto, or think about providing it for funds sooner or later. Although Twitter CFO Ned Segal stated the tech agency was exploring the potential for paying its workers in BTC, not many firms have but steered they may observe go well with. 

GM’s market capitalization is roughly a tenth the dimensions of Tesla’s, at $77.9 billion, though it had greater than $36 billion in money readily available by Q3 2020 — sufficient to buy nearly 800,000 BTC after the value of the crypto asset dipped beneath $45,000 in the present day.