Uber claiming it’ll accept Bitcoin is nothing but a marketing ploy
Copying Tesla won’t save Uber
Story byIoanna Lykiardopoulou
Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainabili(show all)Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainability, green tech, AI, and EU policy. With a background in the humanities, she has a soft spot for social impact-enabling technologies.
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We have another player within the automotive space using a similar approach: you guessed it, Tesla.
Tesla’s on and off relationship with Bitcoinhas attracted a shedload of media attention — and has even affected the crypto’s value as well.
It dived when the EV makerpaused Bitcoin payments back in May, and rallied when Musk announcedthey’re going to re-accept it one month later.
Elon explained users can pay with the cryptocurrencyonly whenaround50% of Bitcoin’s energy use is supplied by renewable sources. Well, at least he gave some specifics — unlike Uber.
In the meantime, Musk thought of another way to use crypto to attract media coverage: Dogecoin. It’s nowaccepted for some merch in Tesla’s online store.
Resourceful as ever, Elon even nudged McDonald’s to accept the joke coin:
I doubt we’ll see Uber’s CEO embarking on similar stunts — after all, not everyone has Musk’s desperate need for attention. Despite this, it appears the company is adopting some of Tesla’s crypto marketing tactics to gain some column inches and shift its public narrative.
And it has many reasons to do so.
Uber has beenhit by the pandemic and travel restrictions, it’s been fightinglegal battleswith EU countries and taxi associations, it’s suffering fromdriver shortages, and its stock has been dropping. For reference, Uber’s market value is nowdown 21.3%over the last year.
Under this light, bringing out the big marketing guns and splashing words like “blockchain” and “Bitcoin” around seems like a good way to grab some much needed press.
Yes,I know. I’m actually helping Uber by writing these words. But what can you do? I simply couldn’t resist.
