The restaurant chain’s revised stance follows pushback from its online community, particularly from advocates of
On October 11th, Steak ‘n Shake launched a survey on X (formerly Twitter), questioning whether they should begin accepting ETH. The poll garnered almost 49,000 votes, with a slim majority leaning towards acceptance.
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However, the company quickly removed the poll a few hours later, announcing its continued support for Bitcoin exclusively. The company declared, “Poll suspended. Our allegiance is with Bitcoiners. You have spoken.”
Steak ‘n Shake initially started accepting Bitcoin on May 16th in select locations where permitted, including the United States, France, Monaco, and Spain.
The company later announced a 15% surge in sales for the third quarter, compared to the same period the previous year, attributing some of the success to the support received from the Bitcoin community.
The proposition of embracing ETH encountered substantial resistance from Bitcoin enthusiasts. Adam Simecka, the developer of the Bitcoin wallet Manna, voiced on X that he would boycott the restaurant should Ethereum be implemented as a payment option.
Despite the backlash, Ethereum’s co-creator, Vitalik Buterin, suggested that businesses dealing with cryptocurrencies don’t need to cater to everyone and are better off concentrating on cultivating strong support from a focused audience.
In related news, Square, a service from Block Inc., recently implemented a system that allows small businesses in the U.S. to process Bitcoin payments at checkout. Want to know more? Read the complete article.