Steak ‘n Shake, the well-known US fast-food chain, is making notable strides in the cryptocurrency landscape by expanding its operations into El Salvador, a nation recognized globally as the first to officially adopt Bitcoin as legal tender. This decision follows the chain’s previous initiative to embrace Bitcoin payments across its US outlets, which has significantly boosted its sales.
The company recently reported an 11% increase in same-store sales during the second quarter and an impressive 15% rise in the third quarter, attributing these successes primarily to its Bitcoin payment integration. The announcement came shortly after Steak ‘n Shake participated in the Bitcoin Histórico event in San Salvador, where the brand expressed its enthusiasm for becoming part of a growing crypto economy in what it referred to as “Bitcoin Country.”
Steak ‘n Shake’s move into Bitcoin has established it as a leading corporate entity within the cryptocurrency community, distinguishing the chain as a pivotal player advocating for Bitcoin’s utility in everyday transactions. This approach aligns with the broader movement toward integrating Bitcoin in regular purchases, a critical factor that advocates believe is essential for achieving wider adoption.
However, in October, the company sparked controversy when it conducted a poll among its followers to gauge interest in accepting Ethereum (ETH) payments as well. With over 48,000 votes cast, the poll revealed that 53% of participants favored the proposal. This quickly drew sharp criticism from Bitcoin proponents, who expressed discontent with any suggestion of incorporating ETH, labeling it as a centralizing force contrary to Bitcoin’s decentralized ethos. In response to the backlash, Steak ‘n Shake promptly suspended the poll and reaffirmed its commitment to the Bitcoin community.
Following this incident, Steak ‘n Shake’s sales momentum continued to accelerate, reporting a remarkable 15% quarter-over-quarter growth in same-store sales for Q3. The chain surpassed several of its fast-food competitors, including McDonald’s and Burger King, marking a strong performance in the fast-food industry.
In furthering its dedication to Bitcoin, Steak ‘n Shake has launched a Bitcoin treasury to store all BTC collected from customer transactions. This initiative, announced on the social media platform X, represents a strategic commitment to nurture its long-term association with Bitcoin. As part of this effort, the company pledged to donate 210 satoshis for each “Bitcoin Meal” sold, channeling the funds to OpenSats to back Bitcoin Core and open-source development.
In collaboration with the Bitcoin rewards app Fold, Steak ‘n Shake is also promoting a compelling offer where customers purchasing a “Bitcoin Meal” or a “Bitcoin Steakburger” will receive $5 in Bitcoin, redeemable through the app. This promotion is available across 400 locations in the US and aims to engage everyday consumers with Bitcoin, fostering greater awareness and acceptance of cryptocurrency in daily life.
