Why paying Bitcoin in Starbucks is even bigger news than you think
A consortium including Microsoft, Starbucks and parent company of the New York Stock Exchange announced this week a new venture, Bakkt, which as the name suggests will "back" cryptocurrencies to make them a more stable commodity for various investors.
So does this mean you'll be able to spend Bitcoin in your neighbourhood chain Starbucks?
Bakkt sounds to be a bit of a work around. You'll be able to convert BTC to $$$ to spend, and early information suggests this process will be instant. So it will feel like you're directly buying lovely hot latte with crypto, even if there's a near invisible exchange process also taking place.
The direct involvement of brands like Microsoft and Starbucks is big news. But the REALLY big news is that Bakkt will provide the confidence that big retailers need to accept crypto. And that means you could see BTC rolling out to major retailers very soon.
Will that news reverse the coin's long value decline? I think it just might.