The restaurant chain began accepting Bitcoin for payment at its U.S. stores in May and has seen significant sales growth attributed to the cryptocurrency integration.
Bitcoin News
American fast food company Steak 'n Shake announced Saturday it is expanding operations to El Salvador following its participation in the country's Bitcoin Histórico event held Wednesday and Thursday. The restaurant chain began accepting Bitcoin for payment at its U.S. stores in May and has seen significant sales growth attributed to the cryptocurrency integration.
Chief Operations Officer Dan Edwards stated the company's goal is to have Bitcoin accepted at all Steak 'n Shake locations worldwide. The expansion into El Salvador, the first country to adopt Bitcoin as legal tender, aligns with the restaurant's cryptocurrency adoption strategy. The company has become an iconic brand within the Bitcoin community for its early merchant acceptance.
Steak 'n Shake reported a nearly 11% rise in same-store sales in Q2 following its decision to start accepting Bitcoin at restaurants. The company celebrated a strong Q3 performance with a 15% quarter-over-quarter increase in same-store sales. These results led all competitors in the fast food category for same-store sales increases in Q3, outperforming McDonald's, Burger King, Taco Bell and Starbucks.
The restaurant chain polled its social media followers in October about accepting Ethereum as payment at locations. While 53% of 48,815 followers voted in favor, the proposal sparked significant backlash from the Bitcoin community. Bitcoin maximalist Ron Sovereignty Swanson responded that "ETH is centralized garbage. Bitcoin is freedom. Doing this would lose you all your Bitcoiner business, including mine."
Despite initially promising to "abide by the results" of the social media poll, Steak 'n Shake reversed course on the Ethereum proposal. The company posted on Oct. 11 that "Poll suspended. Our allegiance is with Bitcoiners. You have spoken. Who even allowed this? I'm back at my desk." The decision demonstrated the company's commitment to maintaining its Bitcoin-only payment strategy.
Acceptance of Bitcoin as tender for small, everyday purchases represents a precursor to mass adoption beyond institutional investment and speculation. The growing number of merchants integrating Bitcoin payment systems provides real-world utility for the cryptocurrency beyond trading and storage. Steak 'n Shake's expansion into El Salvador positions the company in a market where Bitcoin functions as official legal tender alongside the U.S. dollar, potentially offering insights into consumer behavior when digital assets serve as everyday money.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
