Starbucks CEO says they plan to accept digital currencies, but not Bitcoin

Starbucks' Howard Schultz: A 'trusted' digital currency is coming, but it won't be bitcoin

"One or a few legitimate" cryptocurrencies are coming, but bitcoin is not one of them, according to the Starbucks executive chairman. Schultz sees potential in blockchain, the online ledger technology underlying digital currencies. The company has no specific project or investment in blockchain, Starbucks CEO Kevin Johnson says.

"One or a few legitimate" cryptocurrencies are coming, but bitcoin is not one of them, according to Starbucks' executive chairman and former CEO, Howard Schultz.

"I don't believe that bitcoin is going to be a currency today or in the future," Schultz said, during a post-earnings conference call Thursday after the closing bell on Wall Street. (Shares of Starbucks were under pressure on Friday after another quarter of disappointing sales growth as holiday offerings failed to draw in customers.)

Instead, Schultz told investors he sees potential in blockchain, the online ledger technology underlying digital currencies. "I'm talking about ... the possibility of what could happen — not in the near term, but in a few years from now — with a consumer application in which there's trust and legitimacy with regard to a digital currency."

Reacting to Schultz's comments, Johnson reiterated that the company has no specific project or investment in blockchain. But he did say on CNBC's "Squawk on the Street" on Friday the coffee giant is testing a cashless store in Seattle. "Payment and payment platforms are continuing to evolve," and Starbucks wants to stay ahead of the curve, he added.

Credit: https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html