American Bitcoin Restaurant Steak 'n Shake Opens in El Salvador
American fast food chain Steak 'n Shake announced expansion plans into El Salvador, a country where Bitcoin is legal tender. The company, the first major restaurant chain to accept Bitcoin, participated in the local Bitcoin Histórico conference.
Bitcoin restaurant enters the “Bitcoin Country” market
The decision to expand to El Salvador was a logical continuation of Steak 'n Shake's Bitcoin strategy. The company shared on social media that it was “honored to work in a Bitcoin country” after attending the Bitcoin Histórico conference this week.
The restaurant chain began accepting Bitcoin in May of this year. The company's Chief Operating Officer, Dan Edwards, told Cointelegraph that the goal is to implement Bitcoin payments at all of its locations worldwide.
This strategy is already bearing fruit. In the second quarter, sales at existing restaurants increased by nearly 11%, a growth the company directly attributes to accepting Bitcoin as a form of payment.
Ethereum Survey and the “Betrayal” of Bitcoin Supporters
In October, Steak 'n Shake decided to experiment and conducted a poll among 48,815 X subscribers, asking them to vote on adding Ethereum as a payment method. The result was surprising: 53% voted in favor.
However, the Bitcoin community's reaction was harsh. “Ethereum is centralized garbage. Bitcoin is freedom. If you do this, you'll lose all your Bitcoin customers, including me,” wrote Bitcoin maximalist Ron Sovereignty Swanson.
Despite promising to “follow the results” of the vote, Steak 'n Shake management quickly changed its mind. “The survey is suspended. We are committed to Bitcoin,” the company announced on the same day it launched the vote.
In November, Steak 'n Shake reported record third-quarter results. Sales at existing restaurants increased 15% compared to the previous quarter. This figure allowed the chain to outperform all major fast-food competitors, including McDonald's, Burger King, Taco Bell, and Starbucks.
Source: cryptonews.net
