Steak ‘n Shake Abandons Ethereum Payment Plans After Bitcoin Community Backlash
Fast Food Chain Chooses Bitcoin Loyalty Over ETH Poll Results
In a surprising reversal that has sparked debate across the cryptocurrency community, popular fast food chain Steak ‘n Shake has abandoned plans to accept Ethereum (ETH) as a payment method despite poll results favoring its adoption. The decision highlights the growing influence of Bitcoin maximalists in the corporate adoption landscape and raises questions about the competitive dynamics between cryptocurrency communities.
The restaurant chain, which embraced Bitcoin earlier this year, initially appeared open to expanding its cryptocurrency payment options when it launched a poll on its X (formerly Twitter) account, which boasts over 500,000 followers. The poll asked whether the company should add Ethereum as a payment option, with Steak ‘n Shake explicitly promising to “abide by the results of the poll.” After nearly 50,000 votes were cast—with 53% supporting Ethereum integration—the company made a dramatic about-face that has both disappointed ETH supporters and reinforced its relationship with the Bitcoin community.
The Poll That Sparked a Crypto Community Confrontation
The restaurant’s social media team likely didn’t anticipate the firestorm that would erupt when they posted what seemed like a straightforward question about accepting another cryptocurrency. The poll quickly became a battleground between cryptocurrency factions, with Bitcoin maximalists—individuals who believe Bitcoin is the only legitimate cryptocurrency—voicing strong opposition in the comments section. Some went as far as threatening to boycott the restaurant chain if it expanded beyond Bitcoin exclusivity.
“You’d have to rebrand to Soy ‘n Shake,” commented Michael Goldstein, president of the Bitcoin-focused Satoshi Nakamoto Institute, in a reply that exemplified the tone of opposition. The intensity of the backlash apparently proved too much for Steak ‘n Shake, which abruptly suspended the poll despite the pro-Ethereum majority. In a definitive statement that signaled its position, the company posted: “Poll suspended. Our allegiance is with Bitcoiners. You have spoken. Who even allowed this? I’m back at my desk. – Steaktoshi.”
Bitcoin Adoption Driving Business Growth
The restaurant’s reluctance to expand beyond Bitcoin isn’t entirely surprising when examining the business impact of its initial cryptocurrency adoption. Steak ‘n Shake implemented Bitcoin payments across its U.S. locations in May 2025, enabling customers to purchase its signature burgers and milkshakes using BTC. Since then, the company has reported remarkable financial results, with same-store sales increasing by 10.7% in the second quarter of 2025—a boost the company explicitly credits to support from the Bitcoin community.
“Bitcoin has been a game changer. ⚡️ Thank you Bitcoiners 🧡,” the company posted on X in August, highlighting the business value of its cryptocurrency strategy. The chain has further reported that third-quarter results showed even stronger growth, reinforcing the business case for maintaining its Bitcoin-exclusive approach. Steak ‘n Shake’s commitment to the Bitcoin ecosystem extends beyond just accepting payments; the company announced at the Bitcoin Conference in May that prospective franchise owners would be able to pay their franchise fees in Bitcoin, demonstrating a deeper integration of cryptocurrency into its business model.
Mixed Reactions to the Decision
The company’s reversal has generated significant controversy, with many cryptocurrency enthusiasts criticizing Steak ‘n Shake for failing to honor the poll results and yielding to what they characterize as a hostile faction of Bitcoin maximalists. However, in a surprising twist, Ethereum founder Vitalik Buterin expressed support for the company’s decision to remain Bitcoin-exclusive.
“This is a good decision and I respect it,” Buterin posted on X. “Not every business should be trying to appeal to [as] 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 it.” Buterin’s pragmatic response stands in contrast to the reactions of many Ethereum supporters, who viewed the reversal as a capitulation to pressure rather than a principled business decision.
Steak ‘n Shake’s Bitcoin-Forward Strategy
While backing away from Ethereum, Steak ‘n Shake is doubling down on its Bitcoin commitment with new marketing initiatives designed to strengthen its association with the cryptocurrency. The company has announced plans to launch a “Bitcoin Steakburger” on October 16, though specific details about how this menu item will incorporate cryptocurrency themes remain unclear. This move represents another step in the chain’s effort to brand itself as the premier Bitcoin-friendly fast food option in the United States.
The restaurant’s approach differs markedly from other food and beverage companies that have experimented with cryptocurrency payments. Starbucks and Chipotle, for example, have tested digital asset payment features in the past but have not implemented permanent, company-wide cryptocurrency payment solutions like Steak ‘n Shake. The burger chain’s all-in strategy with Bitcoin represents a calculated risk that thus far appears to be paying dividends in terms of sales growth and community support.
The Broader Implications for Corporate Crypto Adoption
Steak ‘n Shake’s decision illuminates the complex dynamics businesses must navigate when entering the cryptocurrency space. Rather than attempting to be cryptocurrency-agnostic, the company has chosen to align itself exclusively with the Bitcoin community, effectively making a brand identity decision that goes beyond mere payment processing considerations. This approach may become a case study in how businesses can leverage cryptocurrency tribalism to build customer loyalty and drive growth.
The incident also highlights the growing influence of cryptocurrency communities on corporate decision-making. As digital assets continue to gain mainstream adoption, companies may increasingly find themselves caught between competing crypto factions, each with passionate supporters advocating for their preferred technology. For Steak ‘n Shake, the decision to remain Bitcoin-exclusive appears driven by both the demonstrated business benefits and the passionate support of the Bitcoin community.
When contacted by reporters regarding their decision to abandon the Ethereum payment plans despite the poll results, representatives from Steak ‘n Shake did not immediately respond to requests for comment. As the company continues to develop its cryptocurrency strategy, observers across both the business and cryptocurrency worlds will be watching to see whether its Bitcoin-exclusive approach continues to drive growth or if the decision to reject Ethereum ultimately limits its potential customer base in an increasingly diverse cryptocurrency landscape.
Whether Steak ‘n Shake’s strategy represents the future of corporate cryptocurrency adoption or merely a unique approach tailored to its specific customer base remains to be seen. What is clear, however, is that the intersection of fast food and digital currency has become an unexpected battleground in the ongoing competition between cryptocurrency communities—a development that few would have predicted when Bitcoin was created over a decade ago.
