Steak ‘n Shake Expands into El Salvador
Steak ‘n Shake, a well-known American fast food chain, has made headlines for its recent expansion into El Salvador, famously dubbed “Bitcoin Country.” The announcement came on Saturday, following the restaurant’s involvement in the country’s Bitcoin Histórico event that took place midweek.
Acceptance of Bitcoin as Payment
This move coincides with the company’s strategic initiative to accept Bitcoin as a payment method, a policy they implemented in May. Dan Edwards, the chief operations officer of Steak ‘n Shake, revealed to Cointelegraph that the ultimate aim is to facilitate Bitcoin payments at all of the chain’s locations globally.
Impact on Business Operations
The restaurant’s decision to accept Bitcoin has already had a noticeable impact on its business operations, with the company reporting an 11% increase in same-store sales during the second quarter, which they attribute in part to the Bitcoin initiative. This development underlines the increasing trend among merchants incorporating cryptocurrency into their transactional frameworks, which many see as a significant step toward mainstream adoption of digital currencies for everyday purchases.
Controversy Over Ether Acceptance
In a turn of events, Steak ‘n Shake previously floated the idea of accepting Ether as a form of payment. In October, they conducted a poll on the social media platform X, querying users on whether this should be implemented. Interestingly, a majority of 53% from nearly 49,000 participants voted in favor, leading to considerable backlash from the Bitcoin community.
Critics, including prominent Bitcoin advocate Ron Sovereignty Swanson, voiced their dissent, arguing that accepting Ether would alienate core Bitcoin supporters.
Despite initially indicating a willingness to consider the poll results, the company quickly reversed its stance, declaring their commitment to the Bitcoin community with a message on October 11 stating,
“Poll suspended. Our allegiance is with Bitcoiners. You have spoken.”
Continued Growth and Success
Notably, in November, Steak ‘n Shake celebrated a robust third quarter with a reported 15% increase in same-store sales compared to the previous quarter. This growth positioned them as the top performer in the fast-food sector, surpassing major competitors like McDonald’s and Starbucks in sales growth for that period.
