On January 25th, Starbucks conducted a call to discuss Q1 earnings and Chairman and former CEO, Howard Schultz, had some interesting things to say about bitcoin, cryptocurrency, and the future of Starbucks with blockchain technology.
It seems Howard Schultz is not a big fan of bitcoin and feels that bitcoin is not going to be a part of the future landscape of digital currency. That’s a pretty strong, and somewhat surprising, sentiment. He said, “I don’t believe that bitcoin is going to be a currency today or in the future.”
Instead, he feels a more secure cryptocurrency will emerge in the next few years; one in which consumers can have “trust and legitimacy.” Schultz even suggested this may come in the form of a “brick-and-mortar-environment,” implying that consumer confidence is still shaky regarding the world of digital currency, and it may take a trusted brand to bring the currency into mainstream use.
The forward-thinking Schultz said Starbucks has no plans to create a currency of their own, but rather than the future of the company depends on keeping tabs on emerging technology and consumer trends. He said, “I believe that we are heading into a new age in which blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application. And I believe that Starbucks is in a unique position to take advantage of that.”
If the success of Starbucks moving into the realm of app creation and mobile ordering is any indication, they will be well-prepared for the future of digital currency and what it means for their continued success. You can read the full transcript of the call here.