Starbucks, popularly known as the one-stop store for coffee in over 28,000 locations around the world, has made plans to allow its customers to convert Bitcoin to Dollars. The fiat money can then be used to pay for coffee at any of its stores. Consequently, this is will expand the crypto market since more people will be transacting with the digital asset.
Media Outlets Believed That Starbucks May Begin Selling Bitcoin
In November, several media outlets reported that Starbucks might be willing to sell Bitcoin at its stalls, come 2019. It was also said that Bakt, an Intercontinental Exchange is going to partner with the company to offer its financial services to them. Here, the use of Bitcoin as a method of payment will be proposed to Starbucks.
While the latest turn of event digresses from what was expected, it is still exciting to crypto enthusiasts that Starbucks still has plans in that direction. They may not directly exchange coffee for Bitcoin due to federal regulations and the volatility of the virtual currency, but they will still be encouraging its use.
Enabling Customers to Convert Bitcoin to Dollars
Accordingly, customers will be able to convert the Bitcoin stored in their wallet to Dollars at any of the company’s coffee location. This will create an avenue for cryptocurrency to be a part of people’s daily life. It can be attributed to the fact that most people can’t go through the day without coffee. Also, Starbucks may be their favorite stop to get their supplement for the day.
Crypto enthusiasts have analyzed how this may significantly impact on the cryptocurrency market especially the trading volume of Bitcoin. Based on analyses, if at least 1 percent of those who patronize Starbucks stores trade their Bitcoin for dollars, it could help to stabilize Bitcoin’s price. This is because the market capitalization is bound to increase with more people involved in trades.
More Private Companies Accepting Bitcoin for Payments
Asides from Starbucks, other privately owned companies are now accepting Bitcoin as a method of payment. IvyPay, for instance, allows Australians to pay their bills with Bitcoin, Litecoin, and other cryptocurrencies. The company’s platform also enables users to convert these assets to AUS dollars. Thereafter, it is sent to their bank account.
The Government of Texas in November also launched a platform that will allow taxes to be paid using Bitcoin. Therefore, it is the first state in the US to officially accept the digital asset. According to the Government, this is meant to give users the impression that Ohio is a tech-friendly State.