Steak ‘N Shake U-Turns on ETH Payment Idea

Steak ‘n Shake has reversed course on a potential plan to accept Ether (ETH) payments after several Bitcoiners balked at the idea of the fast food chain expanding beyond Bitcoin.

Steak ‘n Shake asked its 468,800 X followers whether it should accept Ether on Saturday, promising to “abide by the results of the poll.” The poll saw 53% of 48,815 votes go for “Yes,” but the fast-food chain suspended it around four hours later due to backlash.

“Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” it said on X. 

Steak n’ Shake started accepting Bitcoin as payment on May 16 in all of its locations where permitted by law, including the US, France, Monaco and Spain.

In the third quarter, Steak n’ Shake announced its same-store sales rose by 15% year-on-year, partially attributing the rise to Bitcoiners supporting the chain. 

So it made sense as several Bitcoiners criticized Steak ‘n Shake for even considering expanding its crypto payment options beyond Bitcoin. 

“I promise, if you accept ETH, I will never eat at your restaurant again,” said Adam Simecka, builder of Bitcoin (BTC) self-custody wallet Manna.

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“The fact that you even created the ETH poll is disappointing,” added a user named “Colleen,” also known as The Bitcoin Gal, while Bitcoin developer Carman was one of many who said the poll harmed Steak ‘n Shake’s reputation.

It’s a reminder that Bitcoin and crypto tribalism remain alive and well. Many Bitcoiners view Bitcoin as the best form of money. Michael Saylor once famously said, “There is no second-best crypto asset, there’s a crypto asset and it’s called Bitcoin.” 

Vitalik Buterin defends Steak ‘n Shake’s decision

While some criticized Steak ‘n Shake’s quick change of heart, interestingly, the decision was praised by one of the biggest names in the Ethereum community, Vitalik Buterin, who suggested that crypto-adopting businesses should stick to a crypto tribe instead of trying to appeal to as many customers as possible.

“We need the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to it.”

Last week, Steak ‘n Shake also announced that it is launching the “Bitcoin Steakburger” on Oct. 16 to celebrate the company’s adoption of Bitcoin.

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