Starbucks' Chairman Howard Schultz Talks about Cryptocurrencies
Despite the criticism, warnings and risks that have been associated to the cryptocurrency market, investors have still not lost their faith in digital currencies. Even more so, more people are showing interest in the cryptocurrency market.
Now the Chairman of Starbucks has decided to talk about the cryptocurrency market. Starbucks' Chairman, Howard Schultz, does not seem to be a great supporter of the cryptocurrency market. Schultz started talking about the cryptocurrency market after a question during a company earnings call, according to Fortune.
“Well, I think I have another question for you: Twenty or so years later, and the question is, the issue of do you understand and are you anticipating what could happen with cryptocurrencies? And 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.”
Starbucks will not launch a cryptocurrency
An interesting thing that Schultz clarified during this talk was that Starbucks, unlike other companies, is not interested in creating a cryptocurrency. The company is also not going to invest in crypto assets. He said:
“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.”
Schultz concluded that working with cryptocurrencies is not something that is in the company’s model for the moment, so there is no need for people to ask too many questions related to this subject.
Some retailers have started adopting cryptocurrencies, this happening mostly in Japan for the moment. It is not clear if Starbucks might be making such a move in the near future.
