Starbucks Chairman Says Cryptocurrency Will Be Big – Just Not Bitcoin

Starbucks Corp. Chairman Howard Schultz said he believes digital currency will catch on with consumers, although not necessarily Bitcoin.

Schultz stated that Starbucks, an early adopter of smartphone payments, is positioned to take advantage in coming years as cryptocurrency – and its underlying technologies generally known as blockchain – develop into much more prevalent amongst consumers. He’s just not sure that Bitcoin, which was released in 2009 as the very first decentralized digital currency, will nonetheless be around.

“The purpose I mention this isn’t since I’m speaking about Bitcoin due to the fact I do not believe that Bitcoin is going to become a currency these days or within the future, I’m speaking regarding the new technology of blockchain and also the possibility of what could occur not within the near term,” said Schultz, who helped construct Starbucks in to the world’s largest coffee chain, on the company’s earnings get in touch with Thursday.

“I’m bringing this up due to the fact as we assume concerning the future of our company as well as the future of consumer behavior, I personally think that there is certainly going to be 1 or a handful of reputable, trusted digital currencies off from the blockchain technology,” he stated.

Schultz, 64, who stated Starbucks wasn’t arranging to launch its personal version of Bitcoin, added that a trusted consumer brand with brick-and-mortar areas will help bring “legitimacy and trust” to cryptocurrencies.

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