Will Starbucks accept Bitcoin payments in its stores?
We are witnessing a game of poker between the different actors in this story.
Starbucks is one of Bakkt’s partners that is supposed to launch a trading platform based on Bitcoin and cryptocurrency.
You can read our article about it: click here.
Bakkt is a platform to provide Bitcoin access to institutional investors.
If Starbucks is associated with Bakkt, it is not for nothing and it is certainly because of its chain of stores present in the whole world.
Allowing customers to pay Bitcoin at Starbucks or even change their Bitcoins into Euros or Dollars in stores would be a huge news for the cryptos world.
But, despite the announcements and information found by some journalists, Bakkt and Starbucks continue to undermine this possibility or refute outright the possibility of paying with Bitcoin in Starbucks stores!
The recent announcement that Starbucks and Bakkt would partner to develop applications that would allow their customers to convert their cryptocurrency into Dollars to pay in-store has generated many rumors in the cryptocurrency community.
But the renowned company has clarified about this new integration.
Yesterday, The Block announced a capital deal between Bakkt, a cryptocurrency payment platform, with the famous Starbucks brand.
In the article, it was explained that this agreement “would allow coffee lovers to pay at the store”, via a special Bakkt software.
In addition, Starbucks received a certain amount of assets from Bakkt in exchange under the terms of the agreement.
The news provoked a lively reaction among cryptography enthusiasts.
Many people and news articles have started saying that Starbucks customers could pay for their coffees with Bitcoin.
However, a spokesman for the Starbucks brand said the following:
“Our role as a leading Bakkt retailer is to consult and develop applications that allow customers to convert their digital assets into US Dollars, which can then be used in our stores.
We anticipate that various cryptocurrencies will gain traction with customers and, through our collaboration with Bakkt, we will be in a unique position to continually review and offer customers new and unique payment methods at Starbucks.
As we move forward in this work, we expect to have more to share in the months to come.”
According to the information provided, an intermediary will be proposed to “make purchases” using cryptocurrencies.
In fact, Starbucks did not specify the direct possession of these assets, but simply the change of any cryptocurrency in fiat currency.
It has become clear that, despite this important step in the agreement with a crypto-based company, this does not mean that customers will pay their products directly to the store with cryptocurrencies.
Starbucks and Bakkts play with words in fact.
Payment with cryptocurrency at Starbucks will come sooner or later as the company says but it may be in the form of currency exchange, crypto to Dollar or Euro.
The institutional investors, Bakkt, Starbucks do not want to create an immediate euphoria and see people rush into cryptocurrencies.
Whether you can pay directly in Bitcoin at Starbucks or change your Bitcoin into Dollar on the spot is the same thing!
As long as you can use your cryptos at Starbucks stores, no matter how it’s done.
Bakkt’s role is to find an easy and transparent way for Bitcoin and other cryptocurrencies owners to spend it easily in stores.
This is the most complicated issue with cryptocurrency, finding a quick and easy way for people to use and spend their Bitcoins and cryptocurrencies.
Today, it is still very complicated, making it easy to use cryptocurrency is the key to the success of cryptocurrency and Bitcoin, the key to mass adoption !
For this, you need a major player who will expose its customers to Bitcoin and cryptocurrency payments.
Starbucks is an ideal actor, well known, popular, present around the world and its products are expensive so the amounts spent will not be negligible in Bitcoin!
The fact that Facebook is preparing its Facebook Coin is not trivial, the major economic players will all invest in Bitcoin and cryptocurrency.
Bakkt and Starbucks are just playing with words to avoid any euphoria but all of this is going to happen and probably this year 2019.
News that will boost the crypto market and take it out of its long bear market!
Not to mention Fidelity which should start in March 2019 if they do not change their launch date.
So there is a lot of positive news about Bitcoin and its adoption by the general public, we just need one or a few big economic players so that the public is exposed to Bitcoin and cryptocurrency.
Being able to pay for your coffee with Bitcoin will be possible soon, it’s only a matter of months.
