Cryptocurrencies For The Future: Starbucks Chairman

Starbucks Corporation’s current Chairman and former CEO Howard Schultz sees potential development for the company in blockchain technology and cryptocurrencies. He showed skepticism over the currency and pointed, that for the current moment bitcoin isn’t going to be a currency or in the future.

He explained about accepting cryptocurrencies by the company saying:

I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimatized by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.

Belief In Blockchain

Schultz’s belief in blockchain technology is approved by other companies, who have launched their blockchain or invested in this project. For example, there are companies, such as Overstock or Seagate Technologies, who have made large investments in cryptocurrencies like Bitcoin or Ripple.

The company is not going to adopt technologies immediately, but considers the possibility in the coming years. Schultz thinks the brand has a big potential to legitimize the technology and give the consumer trust and confidence in the company that is providing the transaction.

Howard Schultz elaborated on the company’s dealings with blockchain, and clarified the company will not be investing in any projects or creating their own.

See the previous post about Starbucks.

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