Contrary to what is reported by many crypto news portals, Starbucks will not accept payments in Bitcoin (BTC) or other cryptocurrencies.
Last week, the Intercontinental Exchange (ICE) unveiled its intention to create a new “global platform for digital assets” in collaboration with some prestigious companies, including Starbucks. Following the announcement, several information portals such as Bloomberg and CNBC published articles stating that Starbucks would soon allow the purchase of digital assets products.
However, in an interview published on Motherboard, a representative of the company stated that “customers will not be able to buy their milkshakes with Bitcoin (BTC).” However, the company has joined the ICE project to “convert digital assets such as Bitcoin (BTC) into US Dollars, which are instead accepted by Starbucks.”
At the moment, we are only announcing the launch of a system for trading and converting Bitcoin (BTC). However, we will continue to discuss with customers and regulators and will keep an eye on the evolution of the sector.
Starbucks won’t accept Bitcoin (BTC) payments, but Bitcoin (BTC) futures are just around the corner
In the official press release, published last Friday, is also explained that the project will also allow getting Bitcoin (BTC) futures in physical form:
Bakkt, the US-based platform for the futures exchange built by the Intercontinental Exchange, plans as an initial component of its offer the launch of Bitcoin futures contracts delivered physically and a physical deposit service by November 2018. This initiative will be subject to review and approval by the CFTC.
Already in May of this year, sources revealed to the New York Times that ICE intended to launch a service for the physical delivery of Bitcoin (BTC) futures contracts. These were, therefore, confirmed last week.
In July, Mike Novogratz, a former Wall Street executive, predicted that the mass adoption of cryptocurrency would take “another five or six years” to take place.
Think about how institutional investors operate. It’s hard to say to your boss, ‘I have money in places you’ve never heard of.’ You need a well-known custodian bank, such as a Japanese bank, HSBC, ICE or Goldman Sachs, to make institutional investors feel comfortable [with Bitcoin (BTC)].
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.