In one of the most exciting news of 2018, Starbucks is demonstrating its seriousness by making a full-fledged entry into the cryptocurrency space. The coffee brand’s latest move will ensure a smooth transition for Bitcoin ETF, as shared by Brian Kelly, the founder of BK Capital Management.
Starbucks will be supported by other big players like BCG, Microsoft, and ICE (The Intercontinental Exchange) to create a new firm called Bakkt. Consumers can use Bitcoin at its various stores and make their payment.
Bakkt will also leverage Microsoft’s revolutionary cloud technology to develop a regulated and open ecosystem for digital assets. This crucial announcement was made by ICE on August 3. Kelly, a diehard fan of Bitcoin said that the new venture of Starbucks will have an exchange regulated by the United States. Bakkt will also feature a licensed warehouse, the most commodities are usually stored.
The step will simplify the process of ETF moving forward. In fact, Starbucks along with any important exchange can help Bitcoin emerged as a global mainstream cryptocurrency. Such a collaboration can even hike the prices of this digital currency that has appeared unstable since December 2017.
Starbuck’s New Move Can Be Silence Critics
According to Kelly, Starbuck’s new move can silence many cryptocurrency detractors, whose slam digital currencies saying that they are not practical. When Starbucks will start accepting Bitcoin and other digital currencies, they will gain more mainstream acceptance. It also implies that customers can spend their cryptocurrencies almost anywhere.
The participation of the ICE significantly boosts the possibility of Bitcoin ETFs (Exchange-traded funds) as well as a bevy of other assets, which are usually traded on stock exchanges. According to CNBC, Kelly also feels that a step like this by Starbucks can expand the universe. After all, users will be able to invest in Bitcoin mutual funds and Bitcoin ETFs very soon. However, despite Kelly’s enthusiasm, prices of Bitcoin did not respond positively to the news.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]