The Executive Chairman of Starbucks Corporation, Howard Schultz argued that he is optimistic related to blockchain technologies and some digital currencies. Unfortunately, he is being skeptical related to Bitcoin adoption.
We know that Starbucks has gained its market share by adopting the right technology for the company every time a change was needed. The company has announced that it will embrace the digital payment system. However, Howard Schultz replied that Starbucks will not accept Bitcoins.
Howard’s argument is that “I don’t believe that Bitcoin is going to be a currency today or in the future”.
As for other digital coins, he said that “I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimatized by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.”
Once the cryptocurrency payment is implemented, the company will benefit from revenue growth, but also will attract a potential segment of the market. Engaging in this huge potential area can change the business for the better.
Numerous companies have already adopted virtual currencies such as Overstock, Microsoft, Wikipedia, Tesla and others. Howard Schultz believes in the potential of the blockchain technology and the fact that its adoption can lift the company to another level.
Instead, the adoption of such a technology remains to be a concern for the future. The company emphasizes the customer’s trust and the quality of their services. That’s why the measures taken in the future will keep in mind to meet these needs.
Do you think that adopting digital currencies, Starbucks will give customers more confidence in the company?