U.S. Wide Adoption of Bitcoin Payments at Steak 'N Shake Restaurants Commencing
Fast Food Chains Take a Bite Out of Crypto
It's about to get a whole lot easier to grab a burger and fries with Bitcoin. Steak 'n Shake is set to accept the digital currency nationwide starting May 16, giving over 100 million customers the option to pay for their meals in crypto.
Say goodbye to cash and hello to the blockchain at the drive-thru.
The move by the fast food chain marks a rare full-scale adoption of cryptocurrency in the retail sector, as other major chains have typically only tested or pilot-programmed crypto payments.
"The revolution is here," Steak 'n Shake announced on X social media.
Fast food chains operate on tight margins and high volume, making the integration of cryptocurrency a real-world stress test for its speed, cost, and usability at scale. But Steak 'n Shake isn't backing down, and the company has been teasing the move for weeks.
Previously, Steak 'n Shake had posed a question on social media regarding whether or not they should accept Bitcoin, attracting engagement from figures like former Twitter CEO Jack Dorsey. Since then, the company has leaned into crypto-curious marketing, culminating in Thursday's formal announcement.
Flippin' the Script on Crypto Payments
While Steak 'n Shake's embrace of Bitcoin is notable, it's not the first time the fast food industry has experimented with digital currencies.
Starbucks and Chipotle have both tested crypto payments, allowing automatic conversion to fiat at the point of sale. Subway has also dabbled in crypto payments, but on a more limited scale and not nationwide rollout like Steak 'n Shake.
Outside the U.S., fast food giants like Burger King in Venezuela and Pizza Hut in El Salvador have turned to crypto as a hedge against local currency instability or as a nod to emerging digital economies.
Steak 'n Shake's integration of Bitcoin is likely to boost customer engagement and provide a new payment option for tech-savvy consumers. However, success depends on factors such as consumer demand, regulatory environments, and the operational feasibility of integrating cryptocurrency payments.
Noshing on Crypto
Here are some insights into other fast food chains that have experimented with cryptocurrency payments:
- KFC Canada briefly accepted Bitcoin for online orders in 2018 but did not implement a full-scale adoption.
- Subway has experimented with crypto payments but has not announced a system-wide rollout.
- Domino's Pizza has considered cryptocurrency payments in the past but has not implemented a significant, nationwide rollout.
- McDonald's has not publicly announced plans for cryptocurrency payments in the U.S. but has tested mobile payments and digital wallets in various markets.
Overall, Steak 'n Shake's nationwide rollout of Bitcoin payments is a significant step forward in the adoption of digital currencies in the retail sector. This move could set a precedent for other fast-food chains to follow suit, further integrating cryptocurrency into everyday transactions.
- Steak 'n Shake will start accepting Bitcoin nationwide for payment, giving over 100 million customers the option to pay in crypto from May 16.
- The fast food industry has earlier experimented with digital currencies, with Starbucks and Chipotle testing crypto payments.
- Steak 'n Shake's integration of Bitcoin is expected to boost customer engagement and provide a new payment option for tech-savvy consumers.
- KFC Canada briefly accepted Bitcoin for online orders in 2018 but did not implement a full-scale adoption.
- Subway has experimented with crypto payments but has not announced a system-wide rollout yet.
- McDonald's has tested mobile payments and digital wallets in various markets, but no significant, nationwide cryptocurrency payment rollout has been announced in the U.S.
- Burger King in Venezuela and Pizza Hut in El Salvador have turned to crypto as a hedge against local currency instability or as a nod to emerging digital economies.
- The success of cryptocurrency payments depends on factors such as consumer demand, regulatory environments, and the operational feasibility of integrating cryptocurrency payments.
- The widespread adoption of cryptocurrency in the fast food industry could set a precedent for other retail sectors, further integrating cryptocurrency into everyday transactions, especially with the advent of Web3 and NFTs in finance technology.
