Bitcoin Loyalty Triumphs at Steak ‘n Shake

Steak ‘n Shake, the well-known fast-food chain, made a sudden reversal after initially considering the acceptance of Ether as a form of payment. This abrupt decision came after a strong reaction from Bitcoin enthusiasts, who expressed their disapproval when Steak ‘n Shake conducted a poll asking its online community whether it should accept Ether. Over 468,800 followers on X were invited to vote, and despite 53% of the 48,815 participants supporting Ether, the company swiftly suspended the poll roughly four hours later, declaring that its loyalty and support remain firmly with Bitcoin. “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” the company announced, making it clear that Bitcoin takes precedence in its payment strategy.

This decision reflects the significant influence that Bitcoiners have on businesses that adopt cryptocurrencies. Steak ‘n Shake first began accepting Bitcoin on May 16 across locations where local law permitted, including in countries such as the United States, France, Monaco, and Spain. Since introducing Bitcoin payments, the fast-food chain has seen a measurable impact, including a 15% year-on-year increase in same-store sales in the third quarter, which the company partly attributes to the strong support of Bitcoin enthusiasts who frequent its restaurants.

The debate over introducing Ether revealed how deeply the Bitcoin community values its chosen digital asset. Many Bitcoiners strongly objected to expanding crypto payment options beyond Bitcoin, arguing that it dilutes the unique position and respect that Bitcoin holds. For instance, Adam Simecka, the creator of the self-custody Bitcoin wallet Manna, publicly declared that he would stop visiting Steak ‘n Shake if Ether were accepted. Another community member, Colleen, known online as The Bitcoin Gal, criticized the very act of creating an Ether poll, while several developers and Bitcoin supporters expressed concerns that the poll could harm the reputation of Steak ‘n Shake.

This situation highlights the continued tribalism within the cryptocurrency world, emphasizing that Bitcoin remains the most respected and dominant digital asset for many enthusiasts. Prominent voices like Michael Saylor have repeatedly affirmed that there is no second-best cryptocurrency, emphasizing that Bitcoin alone holds this distinction. Steak ‘n Shake’s decision ultimately reinforced the loyalty of Bitcoiners, ensuring that Bitcoin remains central to the chain’s crypto adoption strategy.

Interestingly, Vitalik Buterin, one of the most influential figures in the Ethereum community, supported Steak ‘n Shake’s choice, suggesting that companies adopting crypto should remain loyal to their primary crypto tribe instead of attempting to please all cryptocurrency holders. “We need the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to it,” he said, underlining the importance of dedication to Bitcoin or any single crypto community.

To celebrate its successful integration of Bitcoin, Steak ‘n Shake announced the launch of a “Bitcoin Steakburger” on October 16. This event marks the company’s continued commitment to Bitcoin, demonstrating that the fast-food giant recognizes the influence of Bitcoiners and the growing importance of Bitcoin as a payment method. The story serves as a reminder that in the world of cryptocurrencies, Bitcoin remains not only a form of money but a powerful symbol of loyalty and community within the digital economy.