At the end of last week, the news went around that the international coffee maker would be engaged in Bitcoin and criptos in general. Many saw this development as welcome, especially because it provided relief to the cryptic community. But the coffee company came out to clear the rumors.
Cryptocurrency crisis does not mean Bitcoin for Milk
The American coffee company, Starbucks, came out to deny the rumors that it would accept Bitcoin and other cryptocurrencies as payment. At the beginning of the week, the company announced Bakkt, a new global platform that will allow digital resources to be spent. This is a joint venture involving Intercontinental Exchange, BCG and Microsoft. According to Starbucks VP:
The company will play a pivotal role in developing practical, reliable and regulated consumer applications to convert its digital assets into US dollars for use at Starbucks.
The announcement has excited several new stores that have launched several titles with the idea that Starbucks customers would soon pay for their coffee and milk with Bitcoin. On Saturday, the company decided to set up recordings directly. To clarify the notion and correct the impression already created, a spokesperson for Starbucks said:
It is important to make clear that we are not accepting digital goods from Starbucks. Rather, the exchange will convert digital resources like Bitcoins into US dollars, which can be used by Starbucks. Customers will not be able to pay for Frappuccini with bitcoins .
The announcement made by Starbucks indicates a significant interest in the promising crypto industry, and retail payments will be considered. When it comes to the frequent use of its mobile app, it is beating big names like Apple Pay and Google Pay. According to an article on Fortune:
The foundational imperative of Bakkt will be to make Bitcoin a solid and secure offer for key components that now avoid it mostly – the world's largest financial institutions. The goal is to pave the way for the largest fund managers to offer mutual funds, pension funds and ETFs as regulated and highly regulated investments.
Starbucks intrudes into Crypto
Friday Intercontinental Exchange (NYSE owners), Microsoft, BCG and Starbucks, have announced the launch of Bakkt. The announcement was a relief for the crypto community. The new company will push Bitcoin and other encrypted ones towards the mainstream financial asset. The news was timely, as happened at a time when cryptographic markets lacked the drive to get out of the crypto-bear trend.
Crypto enthusiasts believe that with Bakkt, there is hope that ETC Bitcoin sponsored by the CBOE waiting for the SEC could only get the go-ahead it seeks. Bakkt will become fully operational by November 2018 and will give validity to Bitcoin's ETF. Brian Kelly of CNBC, further explains the situation. He said:
This is great news. I think the market is completely undervalued. So, let's talk about why this is the biggest news of the year for Bitcoin. Prepare the way for a Bitcoin ETF. Last week I was here and I said you know what, I do not think the Bitcoin ETF will be approved. And guess what? The ETF Winkelvoss was rejected. Because? Because there was no regulated exchange in the United States and there was no regulated custody of the United States.