Michaela
American fast food chain Steak ‘n Shake has reversed its plan to accept Ethereum payments following a backlash from Bitcoin enthusiasts after a customer poll gauging interest in crypto payments.
Key points:
- Steak ‘n Shake reversed its plan to accept Ethereum payments after strong backlash from Bitcoin supporters, despite Ethereum winning 53% in a customer poll.
- Bitcoin tribalism demonstrates how community loyalty can influence corporate decisions, sometimes outweighing business incentives and broader market data.
- The episode spotlights the growing impact of crypto communities on brand strategy and market choices, showing that public sentiment can directly shape business actions.
Although Ethereum received 53% approval in Steak ‘n Shake’s poll and the chain initially pledged to honor the results, the company has since reversed its decision. “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” the fast food chain wrote.
Bitcoin supporters reacted strongly to the possibility of Steak ‘n Shake accepting Ethereum payments, with many pledging to boycott the chain if the move went forward. “I promise, if you accept ETH, I will never eat at your restaurant again,” Adam Simecka, founder of Manna, a Bitcoin wallet for peer-to-peer transactions, wrote in response to Steak ‘n Shake’s poll.
Others however, questioned why so many were against additional forms of payment. “[Why] would anyone be against additional forms of payment? [Do] you think they are saying they would only accept eth ? [What’s] wrong with having the options? [Serious] question,” an X user wrote.
Steak ‘n Shake started accepting Bitcoin in May and has since reported a 15% year-over-year rise in same-store sales for the third quarter across its locations in the U.S., Spain, Monaco, and France.
Steak ‘n Shake Shows How Crypto Tribalism Can Shape Growth
The Steak ‘n Shake episode spotlights the power of community influence in the crypto space, where loyalty to a single coin can outweigh business incentives. Bitcoin supporters’ strong pushback against Ethereum payments demonstrates how crypto tribalism can directly shape corporate strategy, even when data and polls suggest broader interest in alternative options.
For Shiba Inu (SHIB) holders, this raises an important question about the future of multi-chain engagement. Could embracing interoperability across networks, rather than rigid allegiance to one token, drive stronger adoption, more innovative use cases, and healthier ecosystem growth? Shibarium, for example, has focused on creating a versatile, user-friendly Layer-2 environment, which could benefit from collaborations or bridges that connect with other chains.
The takeaway for SHIB enthusiasts is clear: understanding the dynamics of crypto tribalism and advocating for inclusivity could be as crucial as market performance itself, helping the community remain adaptable in a fast-evolving digital landscape.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
