It’s Trump speech day in the Swiss Alps, as stocks schuss toward their fourth weekly win in a row.
A U.S. GDP reading is also grabbing the spotlight, plus the dollar is still getting left out in the cold by traders.
Who needs all those Benjamins anyway?
Soon you might not need dollars to pay for your morning coffee, suggests our call of the day, which comes from Starbucks’ SBUX, +0.22% Howard Schultz.
“I don’t believe that bitcoin BTCUSD, -2.95% is going to be a currency today or in the future,” the coffee chain’s executive chairman and former CEO said late yesterday during an earnings conference call (as the company’s sales slightly missed forecasts).
But don’t scrawl “Luddite” on his paper cup.
“I personally believe that there is going to be one 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.
And these cryptocurrencies “will have to be legitimatized by a brand in a brick-and-mortar environment, where the consumer has trust and confidence in the company that is providing the transaction,” he added. That sounds like a pretty big hint Starbucks might test out or even accept a virtual currency in the future.
The Seattle company isn’t announcing that it’s launching a new cryptocurrency, and it’s still working on understanding the crypto world as it looks to get involved, Schultz hastened to add.
“I don’t want anyone to hang up on this call and assume that we have this all figured out, because we don’t, or that we’re making a significant investment in this, because we’re not,” he said. But “we have something to offer the companies that are chasing this.”
Source: marketwatch.com | Original Link
[Ed.note: If you’re new to the bitcoin craze and you’re thinking about investing, the first thing you have to do is figure out what it is. If you can’t explain what bitcoin is to your mom or your neighbor and why you’re investing in it and why you think it’s a good investment, then it’s too soon for you to put your money in.
But with an investment like bitcoin, no one really knows where it’s going to go. It could go to $150,000. But it could also go to zero.
The Palm Beach Confidential review has more in-depth information about investing into cryptocurrencies.
To find out more about your options check out the review of Teeka Tiwari Palm Beach Confidential Newsletter.]
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