Howard Schultz Thinks Cryptocurrencies Are Future of Digital Economy

Howard Schultz the Ex-Starbucks CEO announced himself as potential U.S. presidential candidate of 2020 in a tweet posted on 27th January.

He tweeted:

“I love our country, and I am seriously considering running for president as a centrist independent,” which got criticized by many commentators arguing that an individual candidacy would decrease the probability of a successful and a unified Democracy.

Howard previously said that he believes cryptocurrencies is a future part of an upcoming digital and cashless economy though he does not find bitcoin as a “legitimate” cryptocurrency. In January 2018, the Ex-CEO of one of the most popular coffee chain talked about both cryptocurrencies and blockchain in a quarterly earnings conference call. He made an exclusive remark about his view towards Bitcoin notably that he does not see BTC used in future as a widely-used digital currency by firmly saying that he “doesn’t believe it will be a currency today or in the future.”

Rather he feels that other blockchain technologies have enough potential in the context of helping Starbucks transition to new payment models. He announced that Starbucks will incorporate cryptocurrencies as a long-term digital payments strategy.

He added:

“I’m bringing this up because as we think about the future of our company and the future of consumer behavior, I personally believe that there is going to be a one or a few legitimate, trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimized by a brand in a brick-and-mortar environment.”

He also stressed upon the fact that Starbucks “is in a unique position to take advantage” to see around corners and make big bets. He also confirmed that the company is not at all planning to own digital currency nor investing in the technology. As reported in last summer, Starbucks is working with the parent of the New York Stock Exchange, Intercontinental Exchange towards the development of project Bakkt. Bakkt will develop an application to convert cryptocurrency into U.S. dollars. That application will thereby enable the customers to purchase items at Starbucks with cryptocurrencies.

He also posted a video on Monday that he will embark on “listening and learning” tour of the U.S. very soon. The video says:

“In the next few weeks and few months, I’ll be traveling the country. I’ll be listening, and learning, and meeting many of you,” he said. “I look forward to seeing you and I strongly believe that this is an opportunity in America at a very fragile time, to embrace a better choice, not the status quo which will lead to a decline, but a better choice that I think will lead to a season of renewal, leadership that you can trust and once again government that can be working for all the people.”

The United States Senator, Elizabeth Warren who is the other presidential candidate for the 2020 elections, is also known crypto and initial coin offering (ICO) fan.