Earlier in the year, it was reported by several news outlets that the massively popular coffee chain, Starbucks might be accepting Bitcoin as a payment option in 2019. The news came after news in August, where Starbucks said that people might start to convert cryptocurrencies into US Dollars. Some news outlets made some accurate reports on what Starbucks wanted to say with the announcement:
“Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks.”
This news is better than most people had hoped. So at the time of writing, the coffee giant might not be accepting Bitcoin, mainly due to the regulations and volatility. Instead, they will offer their clients the chance to convert Bitcoin into the US Dollar and then purchase coffee with that. Essentially, this is a glorified Bitcoin ATM with extra steps so it seems. The only difference is, in America, Starbucks are ten a penny whereas there are around 4,000 Bitcoin ATMs just in America (this number is ever growing).
On average, Starbucks shops have about 500 customers every day in all of there locations worldwide (27,000 stores across the globe). This results in over 13 million customers every day and if you consider that the average coffee costs around $5 from Starbucks, this leaves the company making just under $70 million in sales on a daily basis - $25 billion in revenue every year. However, not everyone will be using Bitcoin since due to the lack of adoption, the mainstream still finds it difficult and confusing as to how purchasing cryptocurrency comes around and how to store it in a safe place.
Writing on the matter, Zerocryptoed said:
“Let’s say that 1% of their clients would use Bitcoin and exchange it for USD to buy a coffee. This will lead to a $250 million increase in market cap per year and also a stability for the market.”
All of this is just one more inch of proof that Bitcoin is slowly becoming more adopted by the mainstream. Not only is this great for the crypto market but for more people that get involved in Bitcoin will most likely start to get involved in other digital assets such as XRP or Ethereum.
By Adrian Barkley