Starbucks CEO interested in Cryptocurrency

Howard Schultz, CEO of Starbucks recently revealed his interest in Cryptocurrency. He recently revealed an ambitious 30,000 sq. ft. Starbucks Roastery in Shanghai in partnership with Alibaba. During the announcement, he expressed his enthusiasm towards cryptocurrency market. According to him, a digital currency is coming, but it won’t be Bitcoin.

Cryptocurrency for Starbucks

Schultz believes that we’ll get to see several legitimate cryptocurrencies in the next few years. Retailers and customers could adopt such cryptocurrencies. He said:

“I personally believe that there is going to be one or a few legitimate trusted digital currencies off of the blockchain technology. And that a brand and a brick and mortar environment legitimize the trust in any cryptocurrency. That is where the consumer has trust and confidence in the company that is providing the transaction.”

But Schultz clarified that Starbucks won’t be releasing their own ICO, unlike other major financial firms. The value of cryptocurrencies comes from the decentralized nature and security value of public blockchain. So the development of a company-specific cryptocurrency would be highly inefficient. But Starbucks is waiting for a cryptocurrency that large-scale retailers could use and also easily accessible for public.

Last week, payment company Stripe reaffirmed its optimism towards cryptocurrencies launched on Ethereum network. The company is optimized to handle payments for retailers like OmiseGo. The team in its official statement stated:

“OmiseGO is an ambitious and clever proposal; more broadly, Ethereum continues to spawn many high-potential projects. We may add support for Stellar (to which we provided seed funding) if substantive use continues to grow.”

Last year OmiseGo had secured a partnership with McDonald Thailand. The partnership was done only for McDonald’s online delivery system.

Bitcoin in Japan

In Japan, retailers have already adopted bitcoin. Companies like Bic Camera (largest electronic retailer), Airline Peach and hotel chain Capsule are already accepting Bitcoin since mid-2017. It was done almost immediately after the Japanese government legalized and approved it as a currency. Retailers from many regions outside of Japan used Bitcoin as a peer-to-peer currency. In South Korea and Philippines, people use Bitcoin as an alternative for sending payments from one country to another.

In conclusion, Schultz avoided commenting on his pessimistic stance towards bitcoin. But Schultz expressed his enthusiasm for cryptocurrency in general.

 

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