Fast food chain Steak ‘n Shake has decided against accepting Ethereum for payments, despite a recent poll that showed a majority of community members in favor of the cryptocurrency. The poll, conducted on the social platform X, garnered nearly 50,000 votes, with 53% supporting the acceptance of ETH as a payment option. However, after facing significant backlash from Bitcoin enthusiasts, the restaurant’s management chose to stay aligned with Bitcoin, labeling the decision an expression of solidarity with its Bitcoin-centric customer base.
The announcement was made through the company’s official account, which stated, “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” reflecting a commitment to maintain Bitcoin as the sole cryptocurrency accepted across its locations. This response came after heated reactions from Bitcoin maximalists who threatened to boycott the establishment should it diversify into accepting Ethereum.
Despite the controversy surrounding the cryptocurrency discussion, Steak ‘n Shake has experienced notable financial success since integrating Bitcoin payments in May. The chain reported a healthy increase in same-store sales, boasting a 10.7% growth in the second quarter, a figure it attributes largely to support from the Bitcoin community. The trend continued into Q3, prompting the restaurant to introduce a unique menu item called the “Bitcoin Steakburger,” scheduled for release on October 16. Details about how the burger will feature a ‘crypto twist’ remain under wraps.
While other major food and beverage brands like Starbucks and Chipotle have experimented with digital asset payment systems, none have made as firm a commitment to cryptocurrency as Steak ‘n Shake. The company is not only accepting Bitcoin for food and drinks but also allowing potential franchisees to pay setup fees using BTC, further establishing itself as a significant player in the convergence of cryptocurrency and fast food.
Interestingly, Ethereum co-founder Vitalik Buterin expressed support for Steak ‘n Shake’s decision to reject Ethereum, describing it as a “good decision” and suggesting that businesses should stick to their core ideals rather than trying to mass-appeal to every customer, even mentioning the value of having “stubborn” companies that remain loyal to their beliefs.
As the debate continues within the crypto community over which digital assets to embrace, Steak ‘n Shake’s firm stance on Bitcoin highlights the rising intersection of cryptocurrency and everyday consumer experiences in the fast-food sector, offering an intriguing glimpse into the future of payment methods in retail.
