Fake news stories are not only reserved for tales of Russian spies and rigged elections, as Starbucks declares it is not accepting crypto payments as reported in the media over the past few days.
The American coffee giants have poured ‘cold’ water on claims they would be accepting crypto payments for their caffeine products this week as the media “misrepresent” their new venture.
Crypto payments not on the Starbucks agenda
Starbucks is not accepting bitcoin crypto payments or any other cryptocurrencies, is the word directly from the coffee-making giants. They informed the media on Friday that reports doing the rounds across the mainstream media have been exaggerated.
The news was misconstrued due to Intercontinental Exchange (ICE) announcing its plans to create a new “global platform and ecosystem for digital assets,” that will be called “Bakkt”, and one of the exchange’s big-name enterprises is Starbucks, alongside other mega-corporations such as Microsoft and BCG.
This story sparked a mad dash by media outlets to report that Starbucks is now accepting crypto payments. Even major news institutions such as CNBC and Bloomberg ran the story, misleading readers with headlines that included “New Starbucks partnership with Microsoft allows customers to pay for Frappuccinos with bitcoin.”
The major news articles implied that Starbucks and Microsoft were now accepting bitcoin payments, which as it happens, couldn’t be farther from the truth.
Starbucks press release sparks the confusion
Although the coffee overlords have received much exposure across the mainstream and crypto news sector over the past few days due to the story, a Starbucks press release on Friday about the Bakkt project is what initially caused the confusion. A Starbucks’ spokesperson elaborated on the Bakkt project by saying that “As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.”
As Starbucks is linked to the Intercontinental Exchange, it helped to spark the rumors. To refute the news story, Starbucks has categorically denied they are accepting crypto payments by telling Motherboard that, “It is important to clarify that we are not accepting digital assets at Starbucks,” just to clear the confusion.
This is not the first time in the past few weeks that fake news stories about major corporations accepting crypto payments have been doing the rounds. The electronic giants, Samsung, recently went through the same ordeal and had to come out publically to deny the claims.
Earlier in July, it was reported by many news outlets that Samsung was accepting crypto payments in their stores across Eastern European nations such as Estonia, Ukraine, Lithuania, and Latvia. The news traveled fast, and before you knew it, Samsung shut down the claims and labeled them as fake news, in a move to clear the confusion.
As the cryptocurrency industry reaches out to the mainstream, it is only natural that media outlets will link mega-corporations to the industry. Although it is fake news at the moment, one can’t help but wonder how long it will be until major multi-national companies begin accepting crypto payments across its stores and businesses.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.