Steak ‘n Shake Walks Back Ethereum Payments Promise Despite Overwhelming Support

Steak ‘n Shake has reversed course on adding Ethereum as a payment option at its restaurants, opting instead to maintain its exclusive focus on Bitcoin. The fast-food chain, which launched Bitcoin payments across its U.S. locations in May, drew significant attention with a recent poll on X that had majority support in favor of Ethereum integration. Despite promising to follow the poll’s outcome, the company suspended the vote early and reaffirmed its commitment to the Bitcoin community.

The poll, posted to Steak ‘n Shake’s X account with more than 500,000 followers, asked if the chain should accept Ethereum payments and garnered nearly 49,000 responses in just a few hours. With a majority of 53% who voted in favor of the addition, the company quickly halted the process amid some vocal opposition from Bitcoin enthusiasts. In a follow-up post, the chain stated, “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” signaling a clear pivot back to its original stance.

Community Reactions Highlight Crypto Divides

The decision sparked a wave of responses across social media, underscoring tensions within the cryptocurrency space between Bitcoin purists and those advocating for broader adoption. Bitcoin maximalists, who prioritize Bitcoin’s dominance, expressed relief and support, with some threatening to boycott if Ethereum joined the menu of accepted currencies. Others in the crypto community criticized the chain for disregarding the poll results, accusing it of yielding to pressure rather than honoring community input.

Ethereum’s co-founder Vitalik Buterin weighed in on the matter, offering an unexpected endorsement of the suspension. He posted on X that the move represented a principled stand, emphasizing the value of businesses committed to a single vision over chasing widespread appeal. Buterin’s comment highlighted a nuanced view, suggesting that steadfast loyalty to a core group can foster deeper engagement and authenticity in the long run.

Steak ‘n Shake’s embrace of Bitcoin has already shown tangible benefits for the business. Since implementing the payments in May, the chain reported a more than 10% increase in same-store sales during the second quarter, attributing much of the uptick to enthusiasm from Bitcoin supporters. Third-quarter figures reflected even stronger growth at 15%, further solidifying the strategy’s impact on foot traffic and revenue.

This sales momentum has inspired further innovations at the franchise. The company recently announced the upcoming launch of a Bitcoin Steakburger on October 16, aiming to blend Bitcoin culture with its classic menu offerings. Details on the item’s unique features remain under wraps, but it arrives at a pivotal moment as the chain navigates its role in real-world crypto adoption.

The episode serves as a case study in how social media polls can influence corporate decisions in the volatile crypto landscape. For Steak ‘n Shake, the choice reinforces its positioning as a Bitcoin friendly brand, potentially deepening ties with a dedicated customer base. It may also alienate another subset of users, such as Ethereum users, or all other cryptocurrency users as a whole who look at maximalism as toxic and cancerous.

As the industry evolves, such interactions between businesses and online communities will likely shape future payment integrations and marketing efforts.