Steak ’n Shake to Accept Bitcoin at All Locations from May 16

Steak ’n Shake, a well-known American fast-food chain, has declared that it will start accepting Bitcoin as a payment method at all its locations beginning May 16. This decision is part of the company's strategy to integrate cryptocurrency into its payment systems, a move that was initially suggested in March when the company posed the question, "Should Steak ’n Shake accept Bitcoin?" on social media. This post caught the attention of the crypto community and Bitcoin advocates, including Jack Dorsey, who responded affirmatively.

Following the initial social media post, Steak ’n Shake has been actively promoting its embrace of Bitcoin through various marketing campaigns and collaborations, including partnerships with Tesla. The company officially announced on May 9 via X (formerly Twitter) that Bitcoin would be available to over 100 million customers, marking a significant step towards broader crypto adoption. The announcement concluded with a playful sign-off, "Steaktoshi," further emphasizing the company's alignment with crypto culture.

The acceptance of Bitcoin by Steak ’n Shake is a notable development in the mainstream adoption of cryptocurrencies. While some restaurant chains have experimented with limited pilot programs, few have transitioned to full-scale crypto payments. This move by Steak ’n Shake is expected to encourage other fast-food chains to follow suit, potentially leading to a broader acceptance of cryptocurrencies in the food service industry.

Steak ’n Shake is not the first fast-food chain to accept crypto payments. Chipotle has been accepting nearly 100 different cryptocurrencies via Flexa since 2022, including Bitcoin, Ether, and Solana. Subway was one of the earliest adopters, piloting Bitcoin payments as far back as 2013 at select franchises. KFC offered a "Bitcoin Bucket" promotion in Canada in 2018, allowing purchases with BTC, while McDonald's accepts Bitcoin in Lugano, Switzerland, as part of a local crypto initiative. Burger King has also accepted crypto gift cards and direct crypto payments in select countries. Pizza Hut became one of the first mainstream outlets to accept BTC in El Salvador, where it was made legal tender in 2021.

The first-ever Bitcoin transaction was made to buy fast food by Laszlo Hanyecz on May 22, 2010, which later became the famous Bitcoin Pizza Day. He paid 10,000 BTC for two pizzas, worth $40 at the time. Today, those pizzas would be more than a billion dollars, highlighting the exponential growth and potential of Bitcoin as a currency. This historical context underscores the significance of Steak ’n Shake's decision to accept Bitcoin, as it aligns with the evolving landscape of digital currencies and their increasing integration into everyday transactions.