Bitcoin and other cryptocurrencies had one of the biggest events of the year as Starbucks has decided to go all-in to accept cryptocurrencies as a payment method at their coffee stores. This decision has been considered to be a breakthrough in terms of merchant acceptance and regularization of digital currencies.
On Friday, Starbucks, the Intercontinental Exchange (ICE), the Boston Consulting Group and Microsoft announced that they are collectively working to start a new company named Bakkt which will help the customers to use bitcoin and other currencies at Starbucks. Maria Smith, vice president of payments said ‘Starbucks is dedicated to inventing new payment options to its customers and will play a crucial role in developing realistic, trustworthy applications which will assist the users to turn their cryptocurrencies into US dollars for payments at Starbucks.’
Cryptocurrencies will be able to finally establish them as a reliable and recognized mode of payment once Starbucks combines digital assets into its payment option which will then be used in its stores worldwide. Also, the participation of ICE expands the odds of bitcoin ETFs (exchange-traded funds) that are exchanged on the stock market. This would motivate buyers to buy ETF as the bitcoin mutual fund and will help to increase the cryptocurrency prices which have been on a downfall since last year.
The news coming from the US market did not have a positive effect on the bitcoin prices which has fallen to its monthly low. Bitcoin prices had reached a figure of $19000 last December, more than double the price it has today. Market researchers are still hoping for a hike in the prices of cryptocurrencies once Bakkt comes into existence in November.