Steak ‘n Shake has scrapped plans to accept Ether (ETH) payments after a backlash from Bitcoin supporters, highlighting the ongoing tribal divide within the crypto community.
Key Takeaways:
- Steak ‘n Shake canceled its Ether payment plan after Bitcoin supporters criticized the move.
- The fast-food chain’s loyalty to Bitcoin follows a 15% sales boost since adopting BTC payments.
- Vitalik Buterin said crypto businesses should commit to one community instead of appealing to all.
The 90-year-old American fast-food chain, which began accepting Bitcoin in May, ran a poll on X asking its 468,800 followers if it should expand its crypto payment options to include Ether.
Steak ‘n Shake Suspends Ether Poll, Declares Loyalty to Bitcoiners
The poll drew nearly 49,000 votes, with 53% in favor. However, just four hours later, the company abruptly halted the vote, declaring loyalty to Bitcoiners.
“Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” Steak ‘n Shake posted, signaling a retreat from the idea.
The chain’s relationship with Bitcoiners has been lucrative. Since introducing BTC payments in the U.S., France, Monaco, and Spain, Steak ‘n Shake reported a 15% year-over-year increase in same-store sales during the third quarter.
Executives credited Bitcoiners’ support for the rise, which may explain the brand’s cautious response to criticism.
Prominent Bitcoin advocates were quick to condemn the ETH poll. Adam Simecka, creator of the self-custody wallet Manna, vowed never to dine at the restaurant again if it accepted Ether.
“The fact that you even created the ETH poll is disappointing,” added influencer Colleen, known as The Bitcoin Gal. Developer Carman said the move had already damaged the company’s reputation among Bitcoin loyalists.
The episode underscores how deeply entrenched crypto tribalism remains. Bitcoin purists continue to argue that BTC is the only true form of sound digital money — echoing Michael Saylor’s famous line, “There is no second-best crypto asset.”
Interestingly, Ethereum co-founder Vitalik Buterin offered a nuanced take, suggesting that businesses adopting crypto should commit to one community rather than trying to please everyone.
“We need the stubborn ones who believe in their cause and their tribe,” he said.
Despite the controversy, Steak ‘n Shake appears to be doubling down on its Bitcoin identity. The company announced plans to launch a “Bitcoin Steakburger” on October 16 to celebrate its embrace of BTC.
Payments Companies Push into Crypto
In May, crypto payments platform Mesh unveiled its Apple Pay integration, which allows merchants partnered with Mesh to accept crypto payments via Apple Pay.
Mesh’s partnership with Apple Pay came as payments companies continue to expand into digital assets.
In April, global payments giant Stripe said it is developing a U.S. dollar-backed stablecoin aimed at companies operating outside the United States, United Kingdom, and Europe.
The announcement came after Stripe’s regulatory approval to acquire Bridge, a stablecoin payments network designed to rival traditional banking systems and SWIFT-based transfers.
Earlier this year, Jack Dorsey, former Twitter CEO and outspoken Bitcoin advocate, publicly urged Signal Messenger to integrate Bitcoin for peer-to-peer (P2P) payments.
Dorsey’s call was echoed by David Marcus, former president of PayPal and current CEO of Lightspark, who stated that “all non-transactional apps should connect to Bitcoin.”
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