Expansion into El Salvador
Steak ‘n Shake, a United States-based fast food restaurant company that accepts Bitcoin (BTC), announced on Saturday its expansion into El Salvador. The company expressed its honor in being part of "Bitcoin Country" following its participation in the nation's Bitcoin Histórico event held on Wednesday and Thursday.
Steak ‘n Shake began accepting BTC for payments at its stores in May. The company's chief operations officer, Dan Edwards, stated that the objective is to have BTC accepted at all of Steak ‘n Shake's locations globally.
The company attributed a nearly 11% rise in same-store sales during the second quarter to its decision to accept BTC at its restaurants.
Steak ‘n Shake has become a notable entity within the Bitcoin community, underscoring the increasing number of merchants accepting BTC for goods and services. The acceptance of BTC as tender for everyday purchases is seen as a significant step towards mass adoption.
Decision on Ether Payments and Q3 Sales Performance
In October, Steak ‘n Shake conducted a poll on the X social media platform to gauge public interest in accepting Ether (ETH) as a payment method. Of the 48,815 followers who participated, 53% voted in favor of the proposal. This outcome led to considerable backlash from the Bitcoin community.
In response to the poll, Bitcoin maximalist Ron Sovereignty Swanson stated, "ETH is centralized garbage. Bitcoin is freedom. Doing this would lose you all your Bitcoiner business, including mine."
Despite initially indicating an intention to "abide by the results" of the social media poll, Steak ‘n Shake ultimately backtracked on the proposal to accept ETH. The company announced on October 11, the same day the poll was initiated, "Poll suspended. Our allegiance is with Bitcoiners. You have spoken. Who even allowed this? I'm back at my desk."
In November, the company reported strong third-quarter sales, highlighting a 15% increase in same-store sales quarter-over-quarter.
Steak ‘n Shake's performance in Q3 saw it lead all competitors in the fast food category for same-store sales increases, outperforming major chains such as McDonald's, Burger King, Taco Bell, and Starbucks.