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Wednesday, February 7, 2018

Starbucks is paying attention to the rise of cryptocurrency...

Starbucks' executive chairman and former CEO Howard Schultz said on conference call to investors, regarding the topic of cryptocurrencies:

“I don’t want anyone to hang up on this call and assume that we have this all figured out, because we don’t, or that we’re making a significant investment in this - because we’re not. But, we have something to offer the companies that are chasing this.”

He seems to be aware the power of Starbucks and whichever coin they may choose, will do a lot to legitimize that currency, stating:

“It will have to be legitimatized by a brand in a brick-and-mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.”

However, it's unlikely to be Bitcoin, adding...

“The reason I mention this is not because I’m talking about Bitcoin because 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 term”.

Yeah, it's all very vague I know.  But let's remember - Starbucks was out front and way ahead of the game when it came to mobile payments, so it wouldn't be much of a surprise if they lead the pack again when it comes to cryptocurrency payments as well.

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Author: Oliver Redding
Seattle News Desk