Steak ‘n Shake, a well-known American fast-food chain, is set to start accepting Bitcoin in over 300 locations across the U.S. from May 16. The move marks a significant step in the ongoing push for mainstream adoption of digital currencies.
Steak ‘n Shake is no stranger to cryptocurrency, having engaged with the community on social media and sparking conversation with a poll on whether it should accept Bitcoin. The initiative follows calls for traditional retailers to modernize their payment systems.
While Bitcoin’s role as a store of value has been discussed, its practical use in transactional settings is less common. In a low-margin, high-volume industry like fast food, any changes to the payment system need to be both reliable and cost-effective.
Steak ‘n Shake’s decision to accept Bitcoin comes as several food chains have experimented with cryptocurrency payments. Starbucks began rolling out Bitcoin wallet reloads via the Bakkt app in 2021, and Chipotle allowed customers to pay with over 90 cryptocurrencies, also converting to dollars at the point of sale.
Internationally, the adoption of cryptocurrencies in food retail has varied. In Venezuela, an initiative to enable Bitcoin payments in partnership with Cryptobuyer at 70 Compadre's restaurants was announced in 2020 but didn't last long.
El Salvador’s move to make Bitcoin legal tender in 2021 prompted major brands like Pizza Hut and Starbucks to experiment with cryptocurrency payments. However, adoption in El Salvador has faced challenges, including difficulties with infrastructure and inconsistent user experiences.
This integration will be interesting to watch, especially considering that previous reports suggest that some chains might prefer to process Bitcoin transactions instantly and convert them to fiat currency at checkout to mitigate volatility risks.
The decision could have broader implications for the future of cryptocurrency adoption in mainstream retail. A successful integration could encourage other national chains to consider cryptocurrency payment options. Conversely, any setbacks in this deployment may fuel skepticism about Bitcoin’s role in everyday commerce.
