Bitcoin and cryptocurrency adoption rates around the world are growing, but not quickly enough to prevent the bitcoin price from falling — and now the chief executive of San Francisco-based Coinbase, one of the world’s largest cryptocurrency exchanges, has warned that widespread, mass bitcoin adoption for payments is going to be a long time coming.
The bitcoin price is currently just over $6,000 after falling below the psychological barrier yesterday for the second time this year. The bitcoin price is down some 70% from its highs at the end of last year and many of newer cryptocurrencies that have been created in the last few years have been all but wiped out.
“I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto,” Coinbase’s Brian Armstrong warned in an interview with Bloomberg at the Bloomberg Players Technology Summit in San Francisco.
Starbucks was recently forced to row back from reports it is working with Microsoft and New York Stock Exchange owner Intercontinental Exchange on a new digital platform that will allow its customers to use bitcoin and other cryptocurrencies at its outlets.
“Customers will not be able to pay for Frappuccinos with bitcoin,” a Starbucks spokesperson said after it was announced the coffee chain was involved with a new cryptocurrency venture called Bakkt.
Armstrong estimated that only about…
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