Starbucks pushes the way for Bitcoin adoption, the bullish day is coming?
As shown on CoinAll exchange, Bitcoin price has nice pump during the last two weeks with large trading volume as well. It is reasonable to predict that lots of potential investors and fund are flowing to the cryptocurrency market.
There could be many reasons which stimulate this Bitcoin price pump, some people would say it is because of the trade affair between USA and China which increase the sense of avoiding risks, while the others believe Bakkt will launch Bitcoin future is the key reason. However, from my perspective, the main point for Bitcoin’s recent purge should be its maturation as an asset, and more financial experts and academics are deliberating about bitcoin, and traditional institutions are taking it more seriously.
Accept Bitcoin payment
Starbucks is one of the most mainstream companies to look into crypto, and it is finally confirmed that users can pay Bitcoin in U.S. branches. In 2018, Starbucks has announced itself as one of Bakkt’s key partners. Afterwards, this coffee giant also keeps partnership with Microsoft and Boston Consulting Group for blockchain technology. At that time, Starbucks released the press and confirmed that it will not only work with Bakkt to create the platform, but also accept cryptocurrency payments. However, as clarified from Starbucks, they are not accepting digital assets, but launch the conversion from Bitcoin to US dollars, which means finally Starbucks will get US dollars as payment.
But it has been good enough to let more people get aware of Bitcoin and cryptocurrency industry with Starbuck’s brand and influence, which in turn dramatically facilitates Bitcoin’s maturation to mainstream adaption. If more people know and like to use it, it means value increase based on Bitcon’s nature feature of limited issuance.
In addition to the cyptocurrency, Starbucks also implements blockchain technology to track coffee production, which is called “bean to cup.” The Azure-powered blockchain system developed by Microsoft will purportedly allow customers to track the production of their coffee and allegedly provide coffee farmers from Rwanda, Colombia and Costa Rica with more financial independence. From this case, we can find how Starbucks likes this technology, and every day, there will be billions of people visiting this coffee giant to see Bitcoin as payment means somewhere, it will definitely increase Bitcoin’s brand awareness, and I believe Bitcoin and cryptocurrency will be the future mainstream in short time.
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