Soon we will be taking one step closer to an all digital currency future, when the world’s leading coffee chain begins accepting Bitcoin!
That’s right, Starbucks has announced that it is working in conjunction with Microsoft and International Exchange to establish a new company called Bakkt. The platform will convert bitcoin and other cryptocoins into U.S. dollars, and enable consumers and companies to buy, sell, store and spend cryptocurrencies on the global network.
Of course, Starbucks is no stranger to apps like this, as most people use its Rewards app to gain deals and free coffees. However this marks a huge step forward in the world of cryptocurrency; a massive business like Starbucks embracing Bitcoin could mark a turning point.
If you’re completely unaware what Bitcoin is, don’t worry, it’s a little confusing. Simply put, Bitcoin is a form of currency that does not belong to a country or bank, will never be in physical form, and can be transferred online without identity. The currency is controversial however because, due to it not being tethered to a bank or country, Bitcoin is extremely unpredictable and shady.
Bitcoin has actually been around since 2009 but it became world news between 2011-13, when it became the go-to currency for criminals, who could use it without fear of tracing. It also became As such, the value of Bitcoin skyrocketed: a single bitcoin is currently worth over $8000. So anyone who invested in the currency a decade ago, is likely a billionaire today.
With that context, it’s quite surprising that Starbucks has opted to accept the cryptocurrency. However, it appears that Bitcoin is here to stay and Starbucks could be a major turning point in it becoming a mainstream currency. If you currently own Bitcoin, congratulations on your fortune, you will soon be able to use it to purchase your pumpkin spice latte!