Starbucks CEO is NOT big on cryptocurrency; they’re interested in blockchain

Starbucks CEO, Howard Schultz, said he believes digital currency will catch on with consumers, though not necessarily Bitcoin.

Schultz said that Starbucks is positioned to take advantage in coming years as cryptocurrency’s underlying technology, known as blockchain, becomes more used in day to day transactions among consumers.

He’s not sure that Bitcoin, which was released in 2009 as the first decentralized digital currency, will still be around in the future.

“The reason I mention this is not because I’m talking about Bitcoin because I don’t believe that Bitcoin is going to be a currency today or in the future, I’m talking about the new technology of blockchain and the possibility of what could happen not in the near term,” said Schultz, who helped build Starbucks into the world’s biggest coffee chain, on the company’s earnings call Thursday.

On the call, he said that Starbucks wasn’t planning to launch its own version of Bitcoin. He believes that a trusted consumer brand with brick-and-mortar locations will help bring “legitimacy and trust” to digital currencies.