Starbucks Interested In Cryptocurrencies

Starbucks Interested In Cryptocurrencies

Howard Shultz, the executive chairman of Starbucks expressed his belief in cryptocurrencies during the discussions of the company’s quarterly earnings. He believes that digital currencies would be widely accepted in just a few years’ time. Shultz may not be a bitcoin enthusiast stating that the currency is lacking utility due to high transaction fees and time-consuming transactions.

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Howard Shultz, the executive chairman of Starbucks expressed his belief in cryptocurrencies during the discussions of the company’s quarterly earnings. He believes that digital currencies would be widely accepted in just a few years’ time. Shultz may not be a bitcoin enthusiast stating that the currency is lacking utility due to high transaction fees and time-consuming transactions. However, he generally sees cryptos as the payment method of the future.

Digital currencies and bitcoin, in particular, have been under fire in recent months. The long line of critics includes investors (Warren Buffet), economists and Nobel Prize-winners (Robert Shiller, Jamie Dimon). Some of them even deemed bitcoin a scam. Such were the words of JPMorgan CEO Jamie Dimon. Howard Shultz on the other hand mostly criticizes bitcoin’s utility, not the technology itself. The highly volatile nature of digital currencies sets limitations to their utility. This is why we don’t use them to pay the rent, buy groceries or a cup of coffee.

Despite Shultz’s favor of cryptocurrencies, he clarified that Starbucks is not considering launching their own crypto via an initial coin offering. However, the company is interested in integrating blockchain technologies in its network. The idea is to improve the company’s digital payment strategy through distributed ledgers. Starbucks already sees the potential thanks to their Mobile order and Pay service.

Kevin Johnson, Starbucks’ current CEO revealed the plans to launch a completely cash-free café in downtown Seattle. Shultz’s believes that blockchain will soon deliver an applicable digital currency, which will transform the industry. According to him, Starbucks have the interest to be on the forefront of the payments revolution. In his own words, if any company develop a trusted and secure currency, they would be more willing to help in its popularization.

If Starbucks officials do not change their view on cryptos we are more than sure that may really help any currency grow if they are to accept crypto payments. Just imagine how the utility of any token will grow if people could use it to pay for their everyday coffee.

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