It is safe to say Starbucks is one the world’s
It is safe to say Starbucks is one the world’s favourite coffee brands and thanks to Hollywood, few can claim to not recognise its favourite insignia. So, some of you crypto enthusiasts may be wondering: does Starbucks accept Bitcoins?
The year 2018 has seen a lot of headlines about this issue and it is time to finally set the record set and clearly answer the question.
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Starbucks and Crypto: What’s The Link?
In August 2018, this world famous coffee chain announced that it would be partnering with the well-known Bakkt Exchange, which, conceived as an all-round crypto servicing platform by the creators of the New York Stock Exchange, also had backing from other big names such as Microsoft and BCG.
Naturally, this prompted suggestions that it may soon be possible to purchase Starbucks products with Bitcoins. But soon, Starbucks clarified that was not the case as they would allow customers to use this new exchange for converting their Bitcoins into fiat.
The goal was to develop a “seamless global network” for allowing customers to spend their virtual assets. As the payments VP of the company said:
“[Starbucks would play] a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.”
Can You Purchase A Frappuccino With Bitcoin?
As of now, no. A succinct statement from the coffee giant went:
“It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks. Customers will not be able to pay for Frappuccinos with bitcoin.”
Could Starbucks’s Exchange Facility Promote Crypto Adoption?
Of course, when a name as big as Starbucks decides to associate itself with Bitcoin, it is sure to spur it on, at least somewhat. Having said that, there does not seem to be any reason for crypto enthusiasts to get wildly excited.
If a user buys Bitcoin at a low price and then its price goes up so that he has to spend less in fiat investment terms to buy a cup of coffee, capital gains tax may apply. Besides, it is not the most convenient to use the exchange at the point of purchase.
Even so, now that Starbucks has made a foray into the crypto world, we can definitely expect some interesting developments in the near future.
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