Steak ‘n Shake is taking a bold step into the world of cryptocurrency, announcing a new initiative that rewards customers with $5 in Bitcoin when they make food purchases at its restaurants. The Indianapolis-based chain has partnered with Fold, a financial services company that enables users to earn and spend Bitcoin using debit and credit cards.
Customers can earn the Bitcoin reward by purchasing a specially designated Steak ‘n Shake Bitcoin Meal or Bitcoin Steakburger. As of October 31, the $5 in Bitcoin translates to approximately 0.000046 of a unit of the cryptocurrency. This innovative promotion, which began on October 16 with the introduction of the Bitcoin Steakburger, represents a significant milestone in the integration of cryptocurrency into everyday consumer activities.
The Bitcoin Steakburger has garnered attention for its distinctive features, including two steakburger patties, American cheese, pickles, onions, and ketchup, all served on a bun emblazoned with the Bitcoin symbol. This promotion marks the first time that a U.S. restaurant chain has linked meal purchases with Bitcoin rewards, highlighting a progressive approach toward cryptocurrency adoption.
Will Reeves, founder and CEO of Fold, articulated the vision behind this collaboration, stating, “Bitcoin goes mainstream when it starts showing up in everyday life. That’s been our vision from the beginning and our promotion with Steak ’n Shake is the next step in that journey.” He noted that for many, this promotion could serve as their first entry into Bitcoin ownership, making the experience as simple as enjoying a meal at Steak ‘n Shake.
To participate in the promotion, customers need to visit bitcoinmealdeal.com, where they can upload their receipts to receive a code redeemable for their Bitcoin reward via the Fold app. This requires users to download the app and set up an account. As part of the promotional rules, each customer can redeem only one code, and the promotion is currently capped at $250,000 in total rewards, although there is potential for extension.
Bitcoin itself is a decentralized digital currency and virtual payment system that allows users to send and receive funds without the oversight of a central authority. Its appeal lies in the fact that it is not subject to government issuance or control, unlike traditional currencies. Instead, Bitcoin operates on a blockchain network, which serves as an online ledger to record and verify transactions, enhancing transparency and reducing the risks of fraud.
With its high volatility and potential for investment gains, Bitcoin has attracted considerable attention, promising riches to some who invested wisely. As Steak ‘n Shake embraces this digital currency trend, it opens the door for a broader acceptance of cryptocurrencies in everyday transactions, potentially reshaping the future of both the restaurant industry and consumer payment options.
