Sorry ICOs, Bitcoin and Cryptocurrencies will Gain Relevance with Starbucks and Kodak

Big name brands and retail conglomerates, not ICOs, will take Bitcoin and other cryptocurrencies to the next level, according to ICOx Innovations President Bruce Elliott.

While Elliott's company helps introduce companies to the cryptocurrency economy, much of ICOx Innovations' business centers around big-name clients like Kodak.

At the start of 2018, Elliott said he could hardly imagine corporations adopting cryptocurrencies or even considering to adopt them; however, the executive stands astonished following several noteworthy developments-including Facebook's linkage with blockchain projects and the NYSE parent company ICE launching Baakt with Starbucks and Microsoft.

The latter's vision is to create a "Global ecosystem" for cryptocurrencies by providing easy access to the world's fastest-emerging asset class.

While purchasing Starbucks coffee with bitcoin is not currently possible, a point the company's executives later clarified, the sheer attention and openness to include cryptocurrencies in their existing business framework is a significant milestone.

The big-name cryptocurrency push was possibly propelled by online retailer Overstock.com in 2013; however, companies have only now begun to explore customer interaction models with cryptocurrencies, leveraging both crypto-liquidity and brand engagement.

In the midst of ICO scams and cryptocurrency naysayers, Elliott noted the "Growing cadre" of companies waiting to enter the digital asset ecosystem.

While Facebook, Starbucks and Microsoft have made their inroads, companies like IBM are winning patent after patent pertaining to blockchain technology and tokenization.

Cryptocurrencies are too prominent to outright ignore, which companies can leverage to tap newer demographics and ensure adoption.

If Baakt's ambitious plans come to fruition, an estimated 55 million people from the U.S. will have access to a bitcoin product to purchase coffee and snacks at Starbucks, in addition to any other companies Baakt can partner with.