Steak 'n Shake has quickly changed its stance on plans to accept Ethereum payments after several Bitcoin users opposed the fast-food chain's expansion of cryptocurrency payment options beyond Bitcoin (BTC).
Steak 'n Shake launched a poll on Saturday on the X platform, asking its 468,800 followers whether it should accept Ethereum (ETH) payments. The company promised to "abide by the voting results." A total of 48,815 people participated in the poll, with 53% voting "yes," but the fast-food chain suspended the voting about four hours later due to opposition.
"We have suspended the voting and firmly support Bitcoin users. We have received your feedback," the company stated on the X platform.
Steak 'n Shake began accepting Bitcoin as a payment method in all legally permitted locations on May 16, including in the United States, France, Monaco, and Spain.
In the third quarter, Steak 'n Shake announced a 15% year-over-year increase in same-store sales, partly attributed to support from Bitcoin users for the chain.
As a result, Steak 'n Shake faced criticism from several Bitcoin users once it considered expanding cryptocurrency payment options beyond Bitcoin.
Adam Simecka, a developer of the self-custody wallet Manna, stated, "I promise that if you accept ETH, I will never go to your restaurant again."
On the X platform, a user named "Colleen," also known as The Bitcoin Gal, along with Bitcoin developer Carman, was among many who believed the poll harmed Steak 'n Shake's reputation.
This also reminds us that tribalism in the Bitcoin and cryptocurrency space still exists. Many Bitcoin users believe Bitcoin is the best form of currency. Michael Saylor has stated, "There is no second-best crypto asset; there is only one crypto asset, and it is called Bitcoin."
Despite some criticism of Steak 'n Shake's rapid change of position, prominent figures in the Ethereum community, such as Vitalik Buterin, praised the decision. He believes that businesses adopting cryptocurrency should stick to their crypto tribe rather than trying to attract as many customers as possible.
Last week, Steak 'n Shake also announced it would launch the "Bitcoin Steak Burger" on October 16 to celebrate the company's adoption of Bitcoin.
Related: Ethereum (ETH) is expected to return to $4,500 as the futures market stabilizes after the cryptocurrency flash crash.
Original: “Steak 'n Shake Quickly Turns Around, Angering Bitcoin Holders with Ethereum (ETH) Vote”
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