Starbucks rolled out a new initiative, allowing customers in El Salvador to pay for their coffee using Bitcoin.
Starbucks launches Bitcoin payments in El Salvador
Starbucks announced in a video on the X, that they now accepting Bitcoin as payment in the stores across El Salvador.
This move shows the coffee giant’s growing interest in the cryptocurrency world, maybe beyond the official agenda, as in theory, all Salvadorean merchants can accept Bitcoin as payment.
But Starbucks already dipped its toes into Bitcoin payments, back in 2016 by partnering with iPayYou, a U.S.-based Bitcoin payment service.
Through this method, customers could use Bitcoin to pay for their purchases, with the system automatically converting the cryptocurrency into U.S. dollars for convenience.
Earlier this year, Starbucks decided to end its NFT program, including the closure of its Starbucks Odyssey Beta, as part of its efforts to update and adapt its digital offerings.
Bitcoin integration in El Salvador
The adoption of Bitcoin payments at Starbucks aligns with El Salvador’s strategy to incorporate Bitcoin into its national economy.
Since making Bitcoin legal tender in 2021, the country has been working to weave cryptocurrency into its financial system, with more or less success.
In a conversation with TIME magazine, El Salvador’s President Nayib Bukele acknowledged that Bitcoin hasn’t yet achieved widespread use as he initially hoped, but he remains positive about its potential.
Bukele told in the the interview that using Bitcoin in the country is completely voluntary, and he expressed optimism about the future benefits that digital currency might bring to El Salvador.
Gradually, then suddenly
The overall adoption rate is slower-than-anticipated, but El Salvador continues to integrate Bitcoin into its financial system.
The country’s cryptocurrency usage, and the amount of connected initiatives are clear signs of their commitments to financial innovation. This move by Starbucks is another one in the line.
