Starbucks to accept Bitcoin and other cryptocurrencies

(FOX 46 CHARLOTTE) — Coffee giant, Starbucks, is giving people the option to pay for that latte with some digital cash.

“It’s becoming a prevailing trend,” said John Tinkelenberg, a marketing representative at Casa, a Bitcoin security firm. “You see it taking hold in places like El Salvador, who just named it legal tender. So, a lot of companies see the excitement around Bitcoin, and they want to be a part of that and find a new enticing way to bring people in.”

Customers can use the cryptocurrency to load money on their Starbucks loyalty card, which is a digital app. People already connect it to a bank account, or a credit card, so why not a crypto account? Many young, and not-so-young customers are trading the currency already, and for people who witnessed the economic downturn in 2008. This may be the perfect solution.

“Young people, they know something is off about the financial system,” added Tinkelenberg. “And what’s unique about Bitcoin is you can use it, you don’t have to trust any third party, you don’t have to trust the government or a bank.”

Starbucks is hoping to establish a digital system where other businesses can trade points electronically. Say you can use coffee rewards points to buy an airline ticket or groceries. First, you need to start purchasing crypto, and soon the spending power may be limitless.

“I consider it a once in a generation opportunity myself,” said Tinkelenberg. “It’s a brand-new asset class for publicly traded companies that have it.”