In short
- Steak ‘n Shake does not accept Ethereum payments, despite community members voting in favor of accepting ETH.
- The restaurant franchise began accepting Bitcoin payments at its locations in the United States in May.
- Same-store sales increased in both the second and third quarters, thanks in part to the Bitcoin community, the company said.
Fast food restaurant and recent Bitcoin believer Steak ‘n Shake is no longer moving forward with plans to accept Ethereum for payments, abandoning ETH-positive polls after backlash from outspoken Bitcoiners.
The company initially ran a poll on
But after nearly 50,000 votes, with a collective 53% in favor of adding ETH payments, the restaurant closed the poll and subsequently dismissed any idea that ETH could join Bitcoin as an accepted currency in the franchise.
“Poll suspended. Our allegiance is with Bitcoiners,” the account said. “You have spoken.”
Looking at the responses to the original poll, the chain faced severe backlash from Bitcoin maximalists, some of whom claimed they would never return to the restaurants if the company moved away from Bitcoin exclusivity.
“You should change the name to Soy ‘n Shake,” replied Michael Goldstein, president of the Bitcoin-focused Satoshi Nakamoto Institute.
Steak ‘n Shake only faced more backlash after killing the Ethereum poll, as members of the crypto community blasted the company for not actually honoring the results and indulging in hostile Bitcoin maximums. Interestingly, however, Ethereum founder Vitalik Buterin supported its derivation.
“This is a good decision and I respect it,” Buterin wrote on X. “Not every company should try to rely on [as] as many customers as possible under the guise of ‘not being maximalist’. We need the stubborn people who believe in their cause and their tribe and see their work as a labor of love.”
Steak ‘n Shake introduced Bitcoin payments to its US locations in May, allowing users to buy burgers and milkshakes with BTC. Since that time, the franchise locations have seen strong sales growth, including a more than 10% increase in same-store sales in the second quarter – something the Bitcoin community is supporting.
The chain recently indicated that same-store sales are increasing in the third quarter were even stronger, creating a “Bitcoin Steakburger” with an expected launch on October 16th. It is not yet clear what the crypto twist will be for the menu item.
Other food and beverage companies, such as Starbucks And Chipotlehave tried digital asset payment features in the past, but haven’t stuck with robust, enterprise-wide integrations like Steak ‘n Shake.
In addition to accepting BTC for its food and beverages, the company will also allow those interested in opening a franchise location to do so by paying fees in Bitcoin, COO Dan Edwards announced at the Bitcoin conference in May.
A representative for Steak n’ Shake did not immediately respond Decode request for comment.
Daily debriefing Newsletter
Start every day with today’s top news stories, plus original articles, a podcast, videos and more.
