“One or a few legitimate” cryptocurrencies are coming, however bitcoin isn’t 1 of them, according to Starbucks’ executive chairman and previous CEO, Howard Schultz.
“I do not believe that bitcoin is going to be a currency today or in the future,” Schultz said, during a post-earnings conference call Thursday after the closing bell on Wall Street.
Instead, Schultz told investors he sees possibility in blockchain, the on-line ledger technology underlying digital currencies.
“I’m bringing this up … as we think about the future of our firm and the future of user behavior.”
Last month, Schultz told CNBC he can see a future in that the U.S.-based coffee chain would be cashless 1 day.
Bitcoin, digital currency worries grow – is an exchange propping up prices?
The people behind Bitfinex issue a virtual currency called Tether.
New Tether tokens are issued the time investors give them dollars.
In Japan, a big virtual currency exchange, Coincheck, was hacked in late January and stray almost $500 million worth of a virtual currency known as NEM, raising questions about the relatively untested safety practices of virtual currency exchanges.
Still, Japan is 1 of the few places where virtual currency exchanges are overseen with regulators.
Many of the largest virtual currency exchanges, including Bitfinex, operate with essentially no regulatory oversight.
Cryptocurrency tumble erases over $100bn from digital currency market
As it stated in Bitcoin and other digital currencies have stray over $100 billion in price since Thursday.
Read moreThe total market capitalization or price of all cryptocurrencies in circulation was $402.9 billion at when this article was written.
DigixDAO was the only exception, with the digital currency trading fourty percent higher.
After prices peak, the owners and early investors quickly sell as many shares as possible, while the others lose.
While India reported the toughening of the regulation of the cryptocurrency market.
Coincheck to be sued over digital currency theft
A group of lawyers said it is preparing a lawsuit against virtual currency exchange Coincheck in connection with the pc hack which stole a massive amount of digital currency final week.
The team of five lawyers said about ten customers of the Tokyo-based firm have consulted them.
The lawyers saw they going to file a lawsuit at the Tokyo District Court as early as mid-February.
The lawyers saw they going to research details of the suit, including how the plaintiffs ought be reimbursed.
Two days later, the exchange said it would Utilize its own funds to reimburse about 260,000 customers who were affected.
A trusted digital currency is coming, however it’s not bitcoin, said Starbucks’ Howard Schultz
Soon you might not want dollars to pay for your morning coffee, according to Starbucks’ SBUX, -1.43% Howard Schultz.
“I personally believe which there is going to be 1 or a few legitimate, trusted digital currencies off of the blockchain technology,” Schultz said, according to FactSet’s transcript and recording for the conference call.
That sounds like a Beautiful big hint Starbucks might analisis out or even accept a virtual currency in the future.
His remarks served as a call of the day for our want to Know column.
But “we have something to offer the companies which are chasing this.”Go over to Seeking Alpha for a version of the call transcript.
collected by :John Locas