Steak 'n Shake Stays Loyal to Bitcoin: Ethereum Payment Plans Scrapped After Maxi Pushback

In a move that's sure to please Bitcoin enthusiasts, the popular fast-food chain Steak 'n Shake has decided to abandon its plans to accept Ethereum (ETH) payments. This comes after an online poll sparked intense backlash from Bitcoin maximalists, highlighting the ongoing tribalism in the crypto space.

Back in May, Steak 'n Shake made waves by rolling out Bitcoin payments across its U.S. locations, allowing customers to pay for burgers, fries, and shakes with BTC. They even announced that franchise opening fees could be settled in Bitcoin, as shared by COO Dan Edwards at the Bitcoin Conference. The integration has paid off, with the company reporting over 10% growth in same-store sales in Q2 and even stronger results in Q3, crediting the Bitcoin community for the boost.

Building on this success, Steak 'n Shake recently polled its over 500,000 followers on X (formerly Twitter) about adding ETH as a payment option. The poll garnered nearly 50,000 votes, with 53% in favor. However, the comments section erupted with criticism from Bitcoin purists. Notable among them was Michael Goldstein, president of the Satoshi Nakamoto Institute, who quipped, "You’d have to rebrand to Soy ‘n Shake."

Faced with the uproar, Steak 'n Shake suspended the poll and declared, “Our allegiance is with Bitcoiners. You have spoken.” Despite the majority vote supporting ETH, the chain chose to maintain Bitcoin exclusivity for both customer payments and franchise fees.

Interestingly, Ethereum co-founder Vitalik Buterin weighed in positively, stating, “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.’ We need the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to it.” Vitalik's response on X.

This episode underscores the divide between Bitcoin maximalists and advocates for broader crypto adoption. While companies like Starbucks and Chipotle have experimented with digital assets, few have committed as firmly as Steak 'n Shake has to Bitcoin. Looking ahead, the chain is set to launch a "Bitcoin Steakburger" on October 16, though details on its crypto tie-in remain under wraps.

For Bitcoin holders, this is a win—reinforcing BTC's position as the king of crypto in real-world commerce. If you're near a Steak 'n Shake, why not grab a meal and pay with sats?

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