Home / CRYPTOCOINSNEWS / Bitcoin Not a ‘Legitimate’ Currency, But a Trusted Digital Currency Could Be: Starbucks Chairman

Bitcoin Not a ‘Legitimate’ Currency, But a Trusted Digital Currency Could Be: Starbucks Chairman

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Bitcoin is not a “authorize” currency, but a digital currency could one day form the linchpin of a cashless time to come, at least according to Starbucks Executive Chairman Howard Schultz.

Schultz cut out this prediction during a post-earnings conference call on Thursday, emphasizing — as mainstream executives so often do — that distributed ledger technology (DLT) can be leveraged secondary of cryptocurrency-based applications.

“I don’t believe that bitcoin is going to be a currency today or in the days,” Schultz said during the conference call, audio of which can be bring about on the Starbucks website. “I’m talking about … the possibility of what could upon — not in the near term, but in a few years from now — with a consumer application in which there’s give and legitimacy with regard to a digital currency.”

The former Seattle Supersonics proprietress stressed that Starbucks is not planning to launch its own digital currency, as both Kodak and Burger Regent Russia have done in recent months.

Rather, he said that increasing consumer scrutiny in digital payment options makes it necessary for companies like Starbucks to look forward to future consumer behavior.

“I’m not bringing this up because Starbucks is presaging that we are forming a digital currency or we’re investing in this,” Schultz disclosed,”I’m bringing this up … as we think about the future of our company and the future of consumer behavior.”

Starbucks is currently pilot-testing its premier cashless store, which is located in Seattle, while central banks across the the public have begun researching how to use DLT to digitize their fiat currencies.

Prop up for Russia’s proposed Cryptoruble appears to be picking up steam, as RT reported on Thursday that a legislator had submitted a invoice to the country’s parliament that in a bid to make the state-backed digital currency right tender.

A People’s Bank of Chian (PBoC) official, meanwhile, disclosed an op-ed this week explaining the government’s vision for a central bank digital currency (CBDC) that desire replace cash.

Venezuela is reportedly even planning to hold what is effectively an primary coin offering (ICO) to distribute its “Petro” cryptocurrency, which is purportedly backed by oil in stores, although some analysts believe those claims to be dubious.

Featured image from Shutterstock.

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