Bitcoin holders and investors enjoyed a rendezvous with the thought that soon BTC could but them their next coffee fix at Starbucks. Bursting this short-lived bubble, Starbucks makes an official statement clarifying that it will not be accepting cryptocurrencies at the cash register.
On Friday, the New York Stock Exchange (NYSE) operator the Intercontinental Exchange (ICE) announced ‘Bakkt’ a new venture to create “global platform and ecosystem for digital assets.” Joining in on the venture is a group of big-name enterprises including Starbucks, BCG, and Microsoft among others. Soon after the news went Viral, multiple headlines from a number of mainstream media outlets, including Bloomberg and CNBC, trumpeted that consumers might be able to exchange their Bitcoins for their teas or lattes.
However, a Starbucks spokesperson denies any such plans. According to an interview to Motherboard, Starbuck won’t exchange Bitcoin at their outlets directly but this venture is an exchange that will allow people to convert their cryptocurrency into US dollars, which they can then spend at Starbucks locations.
“It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks. At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.”
The Spokesperson email also succinctly mentions:-
“Customers will not be able to pay for Frappuccinos with bitcoin,”
While this news might have had dampened the brimming enthusiasm, we can’t ignore what Starbucks joining in on the Bakkt venture actually entails. The very foundation of Bakkt along with its adjoining group of big-name enterprises shall make Bitcoin a sound and secure offering, that will tempt the big financial institutions to entrust in this market. It is important to gauge the ultimate goal of this initiative, to establish the crypto market into a stable and trustworthy enterprise.
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