Starbucks just announced the biggest news of the year for Bitcoin (BTC). The coffee chain giant will put its entire weight behind cryptocurrencies in general and especially Bitcoin in particular. This will open the so far elusive door for the much-sought after Bitcoin exchange traded fund (ETF). This ETF will bring BTC and the altcoins truly to a mass of investors and consumer acceptance.
Starbucks Launching New Firm Bakkt
Starbucks is collaborating with Microsoft, ICE the Intercontinental Exchange, BCG, and others to create a new entity they call Bakkt. The goals of the company are to empower consumers to utilize BTC and the altcoins in Starbucks. Bakkt will also harness the Microsoft cloud to develop a regulated and completely open ecosystem for digital assets. ICE revealed their ambitious and imminent plans on Friday.
This will give Bitcoin a much needed U.S.-based and regulated exchange as well as a fully licensed warehouse. These warehouses store commodities. This is what should push the SEC to finally approve an ETF.
The Big Break Bitcoin and the Cryptocurrencies Have Always Needed
The power of Starbucks and major exchange ICE behind digital assets could be the extra push the original cryptocurrency needs. This will finally help it to reach the mainstream universe as an international currency. It is also likely to push up the digital assets’ prices. These have bounced around and mostly down since they could not find a base at 2017 year-end.
Some analysts are arguing that this latest revelation for Bitcoin cuts to the core of the argument from crypto-critics. Their argument that the digital assets are impractical will no longer carry the day now. Starbucks is the kingpin coffee outlet in the United States. Their approval means the mainstream public will follow suit. It will also enable cryptocurrency holders to spend their digital valuables in every town and city across America.
ICE’s involvement enormously increases the odds of a long-dreamed of Bitcoin exchange-centered funds becoming reality. There could also soon be baskets of relevant crypto-assets which trade on exchanges much like stocks. Starbucks says it will soon offer BTC and other cryptocurrencies for employees’ 401(k) retirement accounts.
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