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

02/10/2021

Normal Motors as soon as had an opportunity to dominate electrical automobile gross sales — but it surely killed the EV1 as an alternative. Will its dismissal of Bitcoin price it as dearly?

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

Throughout GM’s This autumn 2020 earnings name at the moment, Barra mentioned the agency would monitor demand for patrons eager to pay for autos 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 mentioned. “If there’s sturdy 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, Normal Motors has not all the time been on the forefront of innovation. The agency scrapped one of many earliest mass-produced electrical autos, the EV1, within the early 2000s. Then-CEO Rick Wagoner later referred to as this one of many worst selections throughout his time at GM when it comes to the corporate picture. 

Nevertheless, the corporate shouldn’t be totally disassociated from the blockchain ecosystem. GM at the moment holds a number of blockchain-based patents, together with ones to handle information from autonomous autos 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 bunch 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 straight requested if they may comply with 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 mentioned the tech agency was exploring the potential of paying its staff in BTC, not many firms have but advised they may comply with swimsuit. 

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 worth of the crypto asset dipped underneath $45,000 at the moment.