Starbucks' Plans to Allow Bitcoin for Coffee Trade is a Catalyst
Bitcoin has been trading sideways this week between $3,700 and $3,900. A significant market catalyst exists for the king of digital assets in the adoption of Bitcoin payments for Starbucks coffee using spot-trading.
The IRS considers Bitcoin to be property, and similar to stocks, when traded taxes must be paid on the gain or loss incurred. Starbucks has partnered with 4-companies including Bakkt, Microsoft, BCG and Starbucks itself to solve the issue and ensure micro-transactions make sense for their business model.
This, along with the use of the Lightning Network will catalyze the adoption of Bitcoin in daily life. Starbucks will likely incentivize the use of Bitcoin in other businesses, as the awareness spreads. There are over 14,000 Starbucks stores in the USA, and if all of them adopt micro-transactions using Bitcoin, the price will be positively affected.
Would you spend your Bitcoin on coffee? Would Starbucks endorsement catalyze microtranactions and charge the Lightning Network?