Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Fast-food chain Steak ‘n Shake has reversed its decision to accept Ethereum (ETH) as a payment method, despite a public poll indicating a majority favored the move. The company, which began accepting Bitcoin (BTC) in May across its U.S. locations, cited allegiance to “Bitcoiners” following significant backlash from Bitcoin maximalists who threatened to boycott the restaurants.
Steak ‘n Shake Backtracks on Ethereum Payments
The decision came after Steak ‘n Shake conducted a poll on X (formerly Twitter) asking its over 500,000 followers whether it should integrate ETH payments. Although nearly 50,000 votes showed 53% in favor of Ethereum, the company swiftly closed the poll and announced its commitment to Bitcoin exclusivity. The firm stated, “Poll suspended. Our allegiance is with Bitcoiners. You have spoken.”
This reversal followed strong criticism from the Bitcoin community, with some prominent figures, like Michael Goldstein of the Satoshi Nakamoto Institute, warning of a boycott if the chain diversified beyond Bitcoin. The company’s pivot, however, also drew criticism from the broader crypto community for not honoring its poll results.
Vitalik Buterin Supports Decision
Interestingly, Ethereum founder Vitalik Buterin expressed support for Steak ‘n Shake’s decision. Buterin posted on X that it was a “good decision” and that “not every business should be trying to appeal to [as] many customers as possible in the name of ‘not being maximalist.'” He emphasized the need for businesses to remain “stubborn” and committed to their cause and community.
Bitcoin’s Impact on Sales and Future Plans
Steak ‘n Shake introduced Bitcoin payments in May, allowing customers to purchase menu items with BTC. The company attributes a notable increase in sales to this adoption, reporting a 10.7% boost in same-store sales in Q2 2025. The chain also indicated even stronger sales growth in Q3 and plans to launch a “Bitcoin Steakburger” on October 16.
Beyond accepting Bitcoin for food and beverages, Steak ‘n Shake’s COO, Dan Edwards, announced at the Bitcoin Conference in May that prospective franchisees could also pay franchise fees in Bitcoin. This commitment to Bitcoin stands in contrast to other food and beverage giants like Starbucks and Chipotle, which have only trialed digital asset payments without broad, company-wide integration.
Broader Market Context
The broader crypto market recently experienced a significant downturn, with Bitcoin plunging from above $125,000 to below $102,000, and Ethereum dropping below $3,800. This flash crash, which resulted in $19 billion in liquidations and affected 1.6 million traders, was attributed to President Donald Trump’s announcement of a 100% tariff on Chinese goods set to begin November 1.
An alleged “Trump insider whale” reportedly profited by shorting Bitcoin and Ethereum before the tariff announcement, leading to accusations of insider trading. However, the individual purportedly behind the wallet denies any connection to the First Family.
