- Steak ‘n Shake will not accept Ethereum payments, even after a community poll favored adding ETH.
- The fast-food chain started accepting Bitcoin at its U.S. locations in May.
- Same-store sales rose in both Q2 and Q3, which the company credits to support from the Bitcoin community.
- Bitcoin enthusiasts pushed back strongly against accepting Ethereum, influencing the company’s decision.
- Steak ‘n Shake allows new franchise owners to pay required fees in Bitcoin.
Steak ‘n Shake has decided not to accept Ethereum (ETH) as a payment method, despite a recent online poll in which a majority of its community supported the move. The restaurant chain, which began accepting Bitcoin payments at its locations across the United States in May, made this decision after receiving strong feedback from Bitcoin supporters.
The poll, run on X (formerly Twitter), reached nearly 50,000 participants, with 53% voting in favor of adding ETH payments. However, the company ended the poll early and announced, “Poll suspended. Our allegiance is with Bitcoiners. You have spoken.” The company stated that its sales had risen over 10% in the second quarter, crediting the Bitcoin community for this growth.
Many Bitcoin advocates argued on social media against expanding payment options beyond Bitcoin. Some users stated they would not return to the restaurant if it accepted ETH. Michael Goldstein, president of the Satoshi Nakamoto Institute, commented, “You’d have to rebrand to Soy ‘n Shake” in response to the poll.
Despite reversing course on Ethereum, the company’s decision was met with new criticism. Some in the crypto community accused Steak ‘n Shake of not honoring its poll results and giving in to pressure from Bitcoin supporters. However, Ethereum founder Vitalik Buterin expressed support for the move, posting, “This is a good decision and I respect it. Not every business should be trying to appeal to as many customers as possible in the name of ‘not being maximalist.’”
Since adding Bitcoin payments, Steak ‘n Shake reported improvements in same-store sales for both the second and third quarters. The chain noted that it would also allow new franchise applicants to pay franchise fees using Bitcoin, according to its COO Dan Edwards. Other large chains like Starbucks and Chipotle have previously tested digital asset payments, but not adopted them broadly.
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