Steak 'n Shake Backpedals on Ether Payments Amidst Bitcoin Backlash

Steak 'n Shake's Crypto Controversy: Bitcoin Triumphs Over Ether

Steak ‘n Shake has caused a stir in the crypto world, initially flirting with the idea of accepting Ether (ETH) payments before swiftly retracting due to strong opposition from Bitcoin (BTC) supporters. This incident highlights the persistent tribalism within the crypto community.

Key Takeaways:

• Steak ‘n Shake shelved its Ether payment plan after encountering criticism from Bitcoin enthusiasts.
• The chain's dedication to Bitcoin is reinforced by a 15% sales surge since integrating BTC payments.
• Vitalik Buterin suggests that crypto-accepting businesses should focus on serving one community well.

The Poll That Sparked a Firestorm

The fast-food chain, already accepting Bitcoin since May, posted a poll on X to gauge interest in adding Ether as a payment option. While the poll initially leaned towards accepting ETH, the company abruptly ended it, declaring loyalty to Bitcoiners.

The Power of the Bitcoin Community

Steak ‘n Shake's relationship with the Bitcoin community appears to be a profitable one. The company attributed a 15% increase in sales to Bitcoiners' support, likely influencing their decision to remain exclusively pro-Bitcoin.

Crypto Tribalism on Display

Prominent Bitcoin advocates voiced their disapproval of the ETH poll. Some even threatened to boycott the restaurant if it accepted Ether. This episode underscores the ongoing debate within the crypto space, with Bitcoin purists maintaining that BTC is the only legitimate form of digital currency.

A Nuanced Perspective from Vitalik Buterin

Ethereum co-founder Vitalik Buterin offered a different perspective, suggesting that businesses should prioritize serving one crypto community rather than trying to cater to everyone.

Doubling Down on Bitcoin

Steak ‘n Shake is cementing its Bitcoin identity with the launch of a "Bitcoin Steakburger," further solidifying its commitment to the leading cryptocurrency.