Starbucks will start accepting Bakkt payments in 2019
America's leading coffee shop, which has successfully broken into coffee markets around the world, has signed a deal with the Bitcoin trading platform Bakkt and will start accepting Bitcoin in exchange for coffee in 2019.
While Starbucks is a massive franchise which can be found in 62 countries across the globe, the acceptance of Bitcoin in exchange for their products will only benefit American customers once it launches.
The Bakkt trading platform has not launched yet and it is still unconfirmed as to which Starbucks branches will be accepting Bitcoin, however, this is a monumental moment for Bitcoin (and all cryptocurrency) and there is a reason to get excited about this hopeful step forward.
Starbucks has issued a statement regarding the acceptance of Bitcoin and they have clarified that they will not be accepting the digital currency, but that the exchange will exchange the Bitcoin into US dollars which can then pay for the products. The payments will be processed and instantly converted into fiat via the Bakkt platform.
So what's all the fuss about?
Cryptocurrency has long been perceived as a taboo in the world we live in and people are very hesitant to leave the safety net of well-established banks and the familiar systems which are in place at the moment. However, now that Starbucks is making the move to start trading in cryptocurrency, cryptocurrency is now making the shift to being used in day-to-day life. People will be inclined to buy cryptocurrencies if they know that someone will accept them.
Bakkt has been on the radar of the cryptocurrency community and everyone has eagerly looked forward to its launch because it has the potential to encourage the mass adoption of cryptocurrency as it creates the right environment for institutional investors to confidently invest in Bitcoin.
There is high-value having that Bitcoin can gain by signing on a brand at the level of Starbucks. This is undoubtedly a big step forward for Bitcoin and the cryptocurrency community.