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Uber Exploring Crypto Payments for Rides – Report

Uber (UBER) is open to accepting cryptocurrency payments in the future. In an interview with Bloomberg, Chief Executive Officer (CEO) Dara Khosrowshahi said the ride-hailing company will accept crypto payments once the conditions are right. He reiterated, “This isn’t the right point.”

Uber is a transportation networking company that offers ride-hailing services. It also operates a food order and delivery service dubbed Uber Eats.

Uber’s Crypto Payment Plan

The high costs of exchange which could lead to high transactions fees is one of the reasons Uber won’t be accepting cryptocurrency transactions yet. The impact of digital mining on the environment is also cited as another reason the ride-hailing company has stayed clear of crypto payments.

The executive has confirmed they are having discussions around cryptocurrencies. Once the exchange mechanism becomes less costly and cryptocurrencies become more environmentally friendly, people could start paying for rides using their digital currencies.

Analysts’ Take

Truist Securities analyst Youssef Squali recently reiterated a Buy rating on Uber stock with a price target of $65. Squali’s price target suggests 77.69% upside potential. According to the analyst, the Uber story is compelling and the stock is attractive at current levels.

Consensus among analysts is a Strong Buy based on 24 Buys and 1 Sell. The average Uber price target of $62.58 implies 71% upside potential to current levels.

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