Steak 'n Shake's Crypto Payment Pivot: Bowing to Bitcoin Tribalism

Steak 'n Shake's Crypto U-Turn: Bitcoiners Call the Shots

Steak 'n Shake recently found itself navigating the choppy waters of crypto tribalism. After initially embracing Bitcoin payments earlier in the year and seeing a reported 15% increase in same-store sales attributed to Bitcoin users, the company floated the idea of accepting Ethereum (ETH).

This exploratory move involved a poll on X, asking its followers if they should include ETH as a payment option. While the initial response leaned favorably towards Ethereum, a vocal segment of the Bitcoin community reacted strongly, leading the chain to quickly shut down the poll and reaffirm its allegiance to Bitcoin.

"Poll suspended. Our allegiance is with Bitcoiners. You have spoken," Steak 'n Shake declared on X.

The swift reversal highlights the intensity of tribalism within the crypto space, with some Bitcoin proponents viewing Ethereum as a competitor or even an antithesis to their ideals. One user went so far as to threaten shorting Steak 'n Shake if they accepted ETH.

Buterin Weighs In

Interestingly, Ethereum co-founder Vitalik Buterin offered a surprisingly supportive perspective. He argued that not every business needs to cater to the widest possible audience and that valuing commitment to a cause is valuable.

"This is a good decision, and I respect it. Not every business should be trying to appeal to many customers as possible in the name of 'not being maximalist'. We need the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to." Buterin said.

Key Takeaways:

• Crypto Tribalism is Real: The episode underscores the significant divisions and strong opinions within the crypto community.
• Corporate Crypto Strategy Requires Nuance: Businesses exploring crypto payments need to be aware of potential backlashes from specific communities.
• Authenticity vs. Broad Appeal: Companies must decide whether to prioritize appealing to a specific community or aiming for broader adoption.