The Crypto Weekly – November 1st, 2019
<2020 Will Be The Start Of Bitcoin’s Payment Popularization>
Bakkt unveiled the blueprint on digital asset payments, announcing the launch of their consumer payment app. Bakkt has partnered with Starbucks to launch payment-related services in the first half of 2020. We believe Starbucks will be the first store to lead the popularization of Bitcoin payments thanks to its large amount of mobile payment app users (as of 2019, 25.2m US Starbucks mobile payment users) and sizable deposits (Starbucks’ mobile app had deposits worth USD 1.2b as of 2016 in US). To solve Bitcoin’s scalability problem, we believe Bakkt and Starbucks are likely to utilize off-chain solutions. Meanwhile, other companies are striving to popularize bitcoin payments. For example, Twitter and Square’s CEO Jack Dorsey is looking for ways to innovate with Bitcoin payments using the Lightning Network rather than issuing its own digital currency like Facebook’s Libra. In addition, Fidelity, which believes Bitcoin will be a digital money, has recently acquired payment company Worldpay for USD 35b. Currently, the popularization of Bitcoin payments seems distant, but global companies with enormous user bases and capital are entering this area. Starting with Starbucks, we expect that the number of major stores that support Bitcoin payments will gradually increase, and 2020 will be the first year of the popularization of Bitcoin payments.
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