Are Starbucks about to start accepting Bitcoin? The news today says yes and no. We can’t see why though as the real announcement of the day really has nothing to do with Starbucks accepting Bitcoin, instead, it actually seems that Starbucks will be amongst a number of companies that are working on a new venture called Bakkt.
Bakkt is the brainchild of a number of firms including Microsoft, Starbucks, the Intercontinental Exchange and the Boston Consulting Group. Bakkt, aims to explore blockchain technology and cryptocurrencies by utilising the Microsoft Cloud to develop an open, but regulated digital asset, that in the future could be used at stores like Starbucks.
According to CNBC, Brian Kelly believes that Bakkt is the biggest news of rht year for Bitcoin and that it’s existence will make the prospect of a Bitcoin ETF a hell of a lot more realistic:
“They’ll now have a U.S.-regulated exchange and they have a licensed warehouse, which is how commodities are stored and that’s going to make it a lot easier for an ETF to come through. My conclusion is the crypto market is completely missing this. Perhaps the market in general is missing this. This is very, very big news.”
See more for yourself, here.
So, Microsoft are involved as they offer a cloud based technology service, but what advantages do the other teams involved bring to Bakkt? Starbucks, are obviously in this to allow Bakkt to reach a mainstream crowd. As a stereotype, the Starbucks customer tends to be young, a bit trendy and often tech savvy. Starbucks offer a quick and easy to consume product for a low price, that is recognisable worldwide, therefore Starbucks offer Bakkt a huge customer demographic, off the back of an international brand with a community of people who may be likely to have a knowledge in cryptocurrency already.
The integration of the Intercontinental Exchange is what Kelly believes will benefit notions of a future Bitcoin ETF. BCG on the other hand are a professional consultant group and therefore have an international reach of many major clients that gives Bakkt that institutional attraction.
All things considered, it seems as if Bakkt have a very strong, international reach, this is before it’s even all begun.
Whilst Bakkt is still in its infancy, it could well pick up pace throughout the rest of this year. Keep an eye out for a cryptocurrency payment offering at your local Starbucks and expect that soon enough, Bakkt will reach the headlines once again soon.