Starbucks CEO Says Bitcoin Has No Future As Currency, But A Trusted Cryptocurrency Is Coming

Howard Schultz, the CEO of Starbucks, believes there will one day be a cryptocurrency that achieves legitimacy and widespread use—but he doesn’t believe that digital currency will be Bitcoin.

On a conference call for his company’s earnings for the first quarter of 2018, Schultz addressed the topic of Bitcoin and cryptocurrencies to explain how Starbucks’ view on the alternative payment methods.

When the call turned to the topic of payments and future innovations, Schultz brought up Bitcoin just to shoot it down. “I don't believe that Bitcoin is going to be a currency today or in the future,” he told investors on the call.

Starbucks has embraced many mobile payment options but has never fully embraced Bitcoin or cryptocurrency. It isn’t possible to directly pay for a coffee from the world’s largest coffee chain with Bitcoin or any altcoin.

However, Schultz didn’t dismiss the idea of digital currency altogether. He told investors that he sees a future for the concept and believes that a cryptocurrency will break through at some point—he just doesn’t think it will be Bitcoin.

“I'm talking about the new technology of blockchain and the possibility of what could happen not in the near-term, but in a few years from now with a consumer application in which is trust and legitimacy with regard to a digital currency,” he said.

Schultz acknowledged that when one of those currencies goes gain mainstream acceptance, Starbucks intends to adapt and allow consumers to use the cryptocurrency to make their purchase.

“I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology,” Schultz said, noting that the legitimacy of those currencies will have to be made legitimate by companies accepting them.

Until then, though, the Starbucks CEO seemed content to sit and wait to see how everything plays out.

“There's going to be lot of winners, a lot of losers,” Schultz said. But we are in a very unique position to take advantage of what other tech companies and the blockchain technology will provide in terms of the rails to potentially be in the mix of this and benefit financially, benefit in terms of consumer behavior and incrementally and significantly create long-term shareholder value.”

While Schultz may be ready to pounce when a cryptocurrency achieves legitimacy, he has no interest in helping to lead the charge. He told calls that Starbucks won’t be “announcing that were are forming a digital currency or we’re investing in this.” By the sound of it, there is no StarbucksCoin launching in the future.