Bitcoin
You Could Soon use Bitcoin (BTC) to Pay For your Starbucks as Early as November
Crypto-adoption is one of the major driving forces that will send our favorite digital assets to the Moon in terms of value in the crypto markets. We are always reminded of the 10,000 BTC pizza purchase of 2010 that could be worth a few million with today’s value of Bitcoin. But that purchase was necessary to popularize Bitcoin as a medium of exchange for the purchase of goods and service. That particular purchase even kick-started the use of Bitcoin as a store of value to the point where Wall Street firms want a piece of the action.
Yes. Wall Street wants in on Bitcoin. The owners of the New York Stock Exchange (Intercontinental Exchange) has partnered with Microsoft, Starbucks, BCG, and others, to launch the Bakkt Company. The latter firm aims at making Bitcoin and all digital currencies, more visible as viable investment options as well as digital assets to be used in the day to day purchases of goods and services. This is where Starbucks comes into play.
A better explanation of how Starbucks will push the adoption of Bitcoin was given by CNBC’s Brian Kelly in a commentary only a few hours after the Bakkt announcement was made. Mr. Kelly stated that:
“Starbucks are going to allow you to take your crypto and effectively load up a US Dollar card with it. We do not have a problem with that payment system here in the US.
This is more about a move forward and if you look at Starbuck’s history, they are really at the forefront of digital payments particularly in the retail space. To have them involved is more of a signal that this is becoming more of a mainstream.
If you go globally, they are talking about Bitcoin as a global currency…which I believe it could be…People are going to start using Bitcoin to buy their coffee if their currency does not work well.”
With Bakkt being slated to start operations in November, this is where we get the timeline of us being able to purchase coffee using BTC by then. It could be sooner or later and depend on how Starbucks wishes to spearhead the adoption of BTC.
Either way, this is huge news and in the desired direction of Bitcoin and other digital assets, being adopted as a means of investing as well as paying for day to day items such as coffee at Starbucks. This, in turn, means that their value in the crypto-markets could reach for the Moon.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.
Economic Concerns
Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.
The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.
Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…
Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.
Fundamentals
Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.
Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.
Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…
Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.
Inflation Concerns
Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.
The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.
Retail sales data also published on Thursday…
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