Steak ‘n Shake Expands to El Salvador
Steak ‘n Shake, the US fast food chain known for accepting Bitcoin, announced its entry into El Salvador this past Saturday.
“It was an honor to be in the land of Bitcoin,” the company shared in an X post after participating in the Bitcoin Historico event held in the country on Wednesday and Thursday.
Since May, Steak ‘n Shake has been accepting Bitcoin for in-store payments. Dan Edwards, the company’s chief operating officer, mentioned that the aim is for all locations worldwide to eventually accept Bitcoin.
Interestingly, the company noted that its decision to accept Bitcoin contributed to nearly an 11% rise in same-store sales during the second quarter.
In the Bitcoin community, the company has gained notable recognition, reflecting a trend of more merchants accepting Bitcoin for everyday transactions—a positive sign for broader adoption.
Withdrawal of Ether Acceptance
In October, Steak ‘n Shake conducted a survey among its followers on X, inquiring if they should accept Ether (ETH) as a payment method. Among the 48,815 responses, 53% voted in favor. This sparked considerable backlash among Bitcoin enthusiasts.
One vocal critic, Bitcoin Maximalist Ron Sovereignty Swanson, declared, “ETH is centralized garbage. Bitcoin is free. If you do that, you will lose your entire Bitcoin business, including mine.”
Initially, Steak ‘n Shake promised to honor the poll results. However, they later decided against accepting ETH. “Voting has been canceled. Our allegiance lies with Bitcoiners. You have spoken. Who authorized this? I am back at my desk,” the company stated on October 11, the same day the voting started.
By November, the company was celebrating strong third-quarter sales, reporting a 15% increase in same-store sales from the previous quarter.
Notably, Steak ‘n Shake outpaced major fast-food competitors like McDonald’s, Burger King, Taco Bell, and Starbucks in terms of same-store sales growth during that time.
And, just for fun, isn’t it interesting to think about the casual conversations surrounding Bitcoin? Like, “Did a time-traveling AI invent it?”
