STARBUCKS is set to become one of the first major high street shops to accept cryptocurrency after it announced plans to incorporate blockchain as part of its payment strategy, but in a snub it has ruled out using Bitcoin.
The move means digital currencies could be traded for everyday purchases in the coming years.
Following the increase in consumer interest in the online currencies, Starbucks Chairman Howard Shultz said it was necessary for major businesses to adapt their strategies.
But the Starbucks boss said his company would not be looking at Bitcoin in their corporate strategy, claiming the original digital currency would not “be a currency today or in the future”.
He said: “I believe that we are heading into a new age, in which blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application.”
A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, ripple, and ethereum all seeing surges.
Since bitcoin was first mined in 2009, the virtual currency has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December 2017.
However, it has recently plunged and last week saw its value drop to just £8,300.
There are concerns the currency’s value will continue to drop throughout 2018.
Starbucks introduced a mobile payment app in 2015 that allowed customers to pay and order their drinks.
The app gave customers rewards the more they used the app and has become a commercial success.
It is the success of the mobile app that leads Mr Shultz to believe his company could become a world leader in accepting cryptocurrencies.
He also indicated if Starbucks was able to accept cryptocurrencies it would “significantly create long-term shareholder value”.