Steak ’n Shake Cuts Ethereum Payments as Bitcoin Backlash Intensifies

Another restaurant chain pulls the plug on crypto payments—just when you thought mass adoption was around the corner.

The Great Crypto Reversal

Steak 'n Shake joins the growing list of merchants retreating from cryptocurrency acceptance. The burger chain quietly disabled Ethereum payments this week amid mounting pressure from Bitcoin traditionalists who still think digital gold is the only coin that matters.

Corporate Cold Feet

Volatility concerns and regulatory uncertainty continue spooking mainstream businesses. When the market dips, companies get jumpy—proving once again that most corporations treat crypto like a fair-weather friend rather than a fundamental shift in finance.

Selective Acceptance Strategy

The chain maintains Bitcoin payments for now, hedging their bets while appeasing maximalists. Because nothing says financial revolution like catering to the loudest purists in the room.

Industry observers note this pattern mirrors early internet adoption—two steps forward, one step back. Meanwhile, crypto enthusiasts keep waiting for the day when businesses stop treating digital assets like a risky experiment and start recognizing them as the future of money. Because apparently, that future still needs to warm up in the microwave a bit longer.

Backlash over ether poll

The controversy began when Steak ‘n Shake polled its 468,800 followers on X, asking if it should start accepting Ether.

The poll, which saw 53% of nearly 49,000 respondents vote in favor, was suspended within four hours. The company posted:

“Poll suspended. Our allegiance is with Bitcoiners. You have spoken.”

Bitcoin payments drive sales

Steak ‘n Shake began accepting bitcoin at all legally permitted locations—including the US, France, Monaco, and Spain—starting May 16.

The company credited Bitcoin users for a 15% year-over-year rise in same-store sales in the third quarter, underlining the support from the Bitcoin community.

Bitcoin community opposition

Many prominent Bitcoiners criticized the company for considering any expansion beyond Bitcoin payments. Adam Simecka, developer of the Bitcoin wallet Manna, stated:

“I promise, if you accept ETH, I will never eat at your restaurant again.”

Others, such as Bitcoin developer Carman, argued that the poll damaged the brand’s reputation.

Vitalik buterin responds

While most criticism came from Bitcoin supporters, ethereum co-founder Vitalik Buterin praised the company’s tribal approach, saying:

“We need the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to it.”

Steak ‘n Shake is also launching a “Bitcoin Steakburger” on October 16 to celebrate its Bitcoin adoption.