Steak ‘n Shake faced criticism from Bitcoin supporters after briefly considering Ether payments.
El Salvador continues refining its approach to nationwide Bitcoin usage
Photo Credit: Unsplash/Iwona Castiello d'Antonio
American burger chain Steak ‘n Shake, which introduced Bitcoin payments across its US outlets in May this year, has announced plans to expand into El Salvador. After announcing improved domestic performance associated with its rollout of cryptocurrency payments, the company announced on X that it was ‘honoured to be in Bitcoin Country,' indicating its intention to enter the Central American country. The brand recorded an almost 11 percent rise in same-store sales in the second quarter and about a 15 percent increase in the third quarter, reinforcing confidence that digital asset payments can support retail growth.
El Salvador is a natural target for such an expansion. In 2021, the nation made Bitcoin legal tender and has since established itself as a global symbol of cryptocurrency adoption. Steak ‘n Shake's entry fits into this broader landscape, where both government policy and public identity are correlated with the Bitcoin narrative. Operating in a market already accustomed to digital assets provides an instant advantage for a fast-food chain looking to innovate in the payments space.
The company told Cointelegraph that its long-term ambition is to make Bitcoin usable across all global locations. Therefore, its move into El Salvador is more than a regional expansion.
In October, the company's crypto-focused messaging took an unexpected turn when it posted a poll on X asking whether it should accept Ether as a payment option. Of the 48,000 users who responded, 53 percent voted in favour, leading to considerable backlash from Bitcoin supporters.
One user, Bitcoin maximalist Ron Sovereignty Swanson, argued that adopting Ether would alienate its core customers. Despite its initial commitment to follow the results, Steak 'n Shake changed its mind that same day and suspended the poll, declaring that it still supported Bitcoin users.
El Salvador's journey to becoming “Bitcoin Country” has included significant adjustments. As part of talks with the International Monetary Fund, the government recently changed its position and made accepting Bitcoin optional for private merchants. This shift provided clarity and eased pressure on small businesses that had struggled with compulsory acceptance. It also proved the government's attempt to strike a balance between economic feasibility and Bitcoin enthusiasm.
Steak ‘n Shake's entry now becomes part of the ongoing story. The company has a promising foundation for growth because of the combination of strong domestic results and a crypto-friendly environment.
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