Starbucks Chairman Denies Plan of a Cryptocurrency Launch, Says There is “Potential” in Blockchain


The world already has a KodakCoin for image rights, a whoppercoin for the Russian Burger King, and even a cryptocurrency that is based on Theresa May, the British Prime Minister.

However, could caffeine fiends soon be making use of blockchain in order to pay for their Venti non-fat latte with caramel drizzle at Starbucks?

According to the president and former CEO of the company, Howard Schultz, it will not just yet happen. However, he says that blockchain is certainly an object of interest to the company in the near future.

On a call with investors that was made this week, Schultz said that there could be a “consumer application” for the technology. However, he emphasised that there was a need for “trust and legitimacy.”

“I’m not bringing this up because Starbucks is announcing that we are forming a digital currency or we’re investing in this,” said Schultz. “I’m bringing this up … as we think about the future of our company and the future of consumer behaviour.”

In a conversation with CNBC, Kevin Johnson, the Chief executive of Starbucks, agreed that while the coffee giant has no definite plans, it would still be keeping an eye on payment methods that could be used in the future. Earlier, Schultz has said that he anticipates the chain to go cashless in the future.

However, Schultz took aim at bitcoin, stating that it was not one of the “one or a few legitimate” digital currencies which he anticipates to come out of the crypto craze.

His sentiments echoed those of several of the economic and business leaders of the world at the World Economic Forum that was held in Davos this week. Theresa May and George Soros were among those to criticise bitcoin.