Steak ’n Shake Drops Ethereum, Doubles Down on Bitcoin
Steak ’n Shake recently suspended its Ethereum payments poll and reaffirmed its exclusive support for Bitcoin payments. After nearly 50,000 votes with 53% backing ETH, the fast-food chain closed the poll following backlash from Bitcoin supporters, stating “Our allegiance is with Bitcoiners.” The company has offered Bitcoin payments for in-store purchases and franchise fees since May across the US, France, Monaco and Spain, attributing a 10.7% Q2 same-store sales rise and a 15% Q3 sales increase partly to crypto users. Vitalik Buterin praised the focus on Bitcoin, while some Bitcoin maximalists threatened boycotts over ETH support. This decision underscores the influence of community sentiment on merchant crypto payment strategies and highlights Bitcoin’s growing real-world adoption.
Bullish
Steak ’n Shake’s reaffirmation of exclusive Bitcoin payments and closure of its Ethereum poll highlights strong merchant and community preference for BTC. The reported 10.7% Q2 same-store sales increase and 15% Q3 growth linked to crypto users demonstrate Bitcoin’s real-world utility, likely boosting demand. Trader confidence may rise on signs of broader merchant adoption, supporting Bitcoin’s short-term price momentum and reinforcing long-term market viability. While the ETH poll closure may weigh on Ethereum sentiment, the overall impact is a bullish outlook for Bitcoin.