Steak ‘N Shake Reverses Decision on ETH Payment Proposal

Steak ‘n Shake has changed its stance on accepting Ether payments after a significant backlash from Bitcoin supporters concerning the fast-food chain’s decision to consider options beyond BTC.

On Saturday, Steak ‘n Shake polled its 468,800 X followers about integrating Ether (ETH), promising to respect the poll’s outcome. Out of 48,815 votes, 53% voted “Yes,” but the chain suspended the poll approximately four hours later due to the backlash.

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

Steak n’ Shake began accepting Bitcoin in all locations permitted by law on May 16, including in the US, France, Monaco, and Spain.

In its latest quarterly report, Steak n’ Shake disclosed a 15% year-on-year increase in same-store sales, partly credited to support from Bitcoin enthusiasts.

It was therefore understandable that numerous Bitcoiners expressed discontent regarding Steak ‘n Shake’s consideration to broaden its cryptocurrency payment options.

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

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“It’s disappointing that you even initiated the ETH poll,” commented a user known as “Colleen,” or The Bitcoin Gal on X, while Bitcoin developer Carman was among many who argued the poll tarnished Steak ‘n Shake’s reputation.

This incident highlights the ongoing divide in the crypto community, with many Bitcoin aficionados regarding Bitcoin as the paramount currency. Michael Saylor once famously remarked, “There is no second-best crypto asset; there’s a crypto asset, and it’s called Bitcoin.”