Howard Schultz Starbucks former CEO chose Blockchain tech over Bitcoin

Starbucks former CEO, Howard Schultz brought up cryptocurrency in a company’s a post-earnings conference call on Thursday. And he says that although one or more widely accepted digital currencies are coming in the next few year. Bitcoin will not be one of them saying.”I don’t believe that bitcoin is going to be a currency today or in the future.”

The comments came even as Starbucks is aiming to implement cryptocurrencies and blockchain tech as a medium of payment. They expect to use blockchain and cryptocurrencies to diversify and build their digital customer relationship.

Starbucks has already experienced rapid growth in its Mobile Order and Pay service. Kevin Johnson, the current CEO, recently revealed that the company has recently been testing a no-cash policy in one of its downtown Seattle locations.

“We are heading into a new age, in which Blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application. And I believe that Starbucks is in a unique position to take advantage of that… We think we have something to offer the companies that are chasing. Since we are in a position to create the trusted, legitimate place in which this could be accepted. And possibly take advantage of the mobile payment digital platform that we have created.”

Also Read: Singapore shopping mall puts Bitcoin mining equipment on its shelf

Schultz’s analysis was not because the company is announcing forming a digital currency or we’re investing in blockchain but just regarding thinking about the future of the company and the future of consumer behavior.

The comment was adding some light to the company’s future digital payments strategy. He told CNBC last month that he could see a future in which the U.S.-based coffee chain would be cashless one day.

“I’m talking about the possibility of what could happen not in the near term. But few years from now with a consumer application in which there are trust and legitimacy about digital currency.”

Starbucks brand has been pioneering in up surging consumer acceptance of cryptocurrencies. Any blockchain currency that receives their full support will have a massive advantage over competing tokens.

Read Next: Singapore’s first cashless Ducatus cafe lets you buy coffee with Bitcoin

 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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