Howard Schultz Is High On Cryptocurrency, But Bitcoin? Not So Much
Starbucks Chairman becomes the latest public figure to provide his view on cryptocurrency.
Imagine buying your favorite Starbucks beverage with cryptocurrency on your way to work each morning. This could well be happening in the future.
During the company’s earnings call on Thursday, Starbucks (NASDAQ:SBUX) Chairman Howard Schultz provided his own personal view on the “fast brewing” cryptocurrency market, fully backing the potential and practicality of digital coins in the future.
According to Schultz, there will be one or a few legitimate digital currencies based on the blockchain technology that consumers will be able to trust.
“I’m talking about […] the possibility of what could happen — not in the near term, but in a few years from now — with a consumer application in which there’s trust and legitimacy with regard to a digital currency.”
However, Schultz’s version of a digital currency world excludes Bitcoin, the No. 1 cryptocurrency right now. Like many business leaders at the World Economic Forum in Davos had mentioned this week, the Starbucks executive does not consider Bitcoin to be a legitimate currency.
“I don’t believe that bitcoin is going to be a currency today or in the future. I’m talking about the new technology of blockchain and the possibility of what could happen not in the near terms, but in a few years from now,” added Schultz.
Despite being confident in the technology, Schultz reiterated that his company has no specific plans to launch its own cryptocurrency right now and it’s still trying to understand the crypto world.
Even so, we can’t rule out the possibility that Starbucks may test out a virtual currency in the near future, as today’s statements pretty much confirm that the company is headed in that direction.
This is not the first time Schultz has brought up the idea of a cashless payment system. In a CNBC interview last month, he mentioned that he could envision a future where the coffee chain becomes a “cashless retailer” and believes “that time is nearer than you think.”
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