Steak ‘n Shake has recently withdrawn its plans to accept Ether (ETH) payments amid significant backlash from Bitcoin supporters, highlighting the ongoing divisions within the cryptocurrency community.
The fast-food chain, which has served customers for over 90 years, began accepting Bitcoin payments in May and reportedly saw a surge in sales of 15% year-over-year since the introduction of BTC payments across locations in the U.S., France, Monaco, and Spain. This success prompted the company to conduct a poll on its X account, which boasts 468,800 followers, asking whether it should expand its payment options to include Ether.
The poll, which garnered nearly 49,000 votes, showed a slight majority favoring the addition of ETH, with 53% in support. However, just hours after the vote initiated, Steak ‘n Shake abruptly suspended the poll, declaring its allegiance to Bitcoiners. In their announcement, the company expressed, “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” indicating a deliberate retreat from the potential inclusion of Ether payments.
The fast-food chain’s decision stems from the considerable backlash it faced from prominent Bitcoin advocates. Adam Simecka, creator of Manna, a self-custody wallet, expressed his disappointment with the ETH poll, stating he would never dine at Steak ‘n Shake again if it moved forward with accepting Ether. Influencer Colleen, known as The Bitcoin Gal, criticized the poll for even being proposed, while developer Carman noted that it had already damaged the company’s standing among Bitcoin loyalists.
This incident underscores the entrenched nature of crypto tribalism, where Bitcoin evangelists maintain that BTC is the only legitimate digital currency. Echoing the sentiments of industry figures like Michael Saylor, supporters assert, “There is no second-best crypto asset.”
In a nuanced response, Ethereum co-founder Vitalik Buterin suggested that businesses should align with one community rather than trying to cater to multiple factions. He remarked, “We need the stubborn ones who believe in their cause and their tribe,” advocating for greater commitment to their loyal customer bases.
Despite the backlash over Ether, Steak ‘n Shake is reaffirming its commitment to Bitcoin by planning to launch a “Bitcoin Steakburger” on October 16, celebrating its loyalty to the cryptocurrency.
In other news related to cryptocurrency and payments, the crypto payments platform Mesh recently introduced integration with Apple Pay, allowing merchants to accept crypto payments efficiently. This move continues the trend of payment companies delving deeper into the crypto space. Additionally, global payments giant Stripe announced plans to develop a U.S. dollar-backed stablecoin, targeting companies operating in regions beyond the U.S., U.K., and Europe. This follows Stripe’s acquisition of Bridge, a stablecoin payments network.
Former Twitter CEO and Bitcoin advocate Jack Dorsey has also called for the integration of Bitcoin into payment systems such as Signal Messenger, a sentiment echoed by David Marcus, former president of PayPal. Both industry voices are pushing for broader adoption of Bitcoin as a standard for peer-to-peer payments.
