Background of Steak ‘n Shake’s Crypto Payment Decision
On May 9, 2025, U.S.-based fast-food chain Steak ‘n Shake announced that starting May 16, all 600+ locations across the country will officially accept Bitcoin payments. This decision is seen as the largest-scale test of cryptocurrency in real-world consumer scenarios, covering over 100 million customers the brand has served to date. As early as March 15, 2025, the brand launched a poll on Instagram asking whether to support Bitcoin payments, garnering over 2 million responses, 87% of which were in favor. The move quickly drew attention from the crypto community, with former Twitter CEO Jack Dorsey retweeting and commenting, “This will change the fast-food game.”
Steak ‘n Shake’s parent company, Biglari Holdings (BH), has in recent years been exploring brand youthification strategies. Its franchise model allows partners to join with a low entry cost of $10,000, though they must share 50% of profits with headquarters—a model that subtly echoes the crypto community’s ethos of decentralization. Analysts believe introducing Bitcoin payments not only brands Steak ‘n Shake as “tech-innovative” but could also reduce credit card transaction fees—traditional food services pay 2%-3%, while Bitcoin’s average on-chain fee is only $0.10. For a fast-food giant handling over 500,000 daily transactions, the cost-saving effect could be significant.
Investors can track the impact of BTC price fluctuations on merchant settlements in real-time through the JuCoin market page.
Tech Implementation & Consumer Experience Upgrade
Steak ‘n Shake’s BTC payment solution integrates cutting-edge technology with user-friendly design. Customers can scan a dynamic QR code with their mobile wallet at checkout or “tap” using an NFC-enabled hardware wallet. The transaction data is instantly converted to USD and settled into the merchant’s account via partner payment platform InstantCryptoPay (ICP), avoiding the FX risk of Bitcoin price volatility. This approach is similar to Tesla’s 2022 BTC payment pilot but resolves the core volatility issue that halted their service.
To enhance user experience, the POS system now includes a “Bitcoin Payment Guide” screen with a 3-step visual showing how to initiate transfers from wallets like Coinbase and MetaMask. CEO Sanjiv Lani revealed in an interview: “Our goal is to keep crypto payment time within 15 seconds, on par with credit cards.” However, initial tests show that some elderly customers avoid using it due to unfamiliarity with wallets. The company may collaborate with exchanges to launch a “one-click pay” plugin to optimize the process.
Industry Impact & Potential Risks
Steak ‘n Shake’s move is triggering a chain reaction in the food industry. Rival McDonald’s is reportedly forming a task force to assess crypto payment feasibility, while Burger King’s Germany branch plans to pilot BTC settlements in Q3 2025. A deeper impact may unfold in the supply chain—if food suppliers start accepting crypto, restaurant cash flow cycles could be reshaped. For instance, beef suppliers could use Bitcoin for instant overseas ranch payments, eliminating time and fees associated with international wire transfers.
However, risks are real. BTC’s volatility could impact merchant revenue: if Bitcoin is worth $65,000 at the time of purchase but drops to $63,000 at settlement, the merchant bears the loss. Although ICP promises a 1-hour exchange rate lock, sudden fluctuations may still pose exposure. Additionally, the IRS requires every crypto transaction to log fiat value at the time of payment for capital gains tax calculations, raising compliance demands for POS systems.
Long-Term Value of Crypto Adoption in Retail
If successful, Steak ‘n Shake’s trial may mark a turning point for crypto—from “speculative asset” to “practical currency.” Potential derivative values include:
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User behavior data assetization: With blockchain-logged purchase history, brands can issue NFT membership cards or loyalty tokens, sharing data value directly with customers;
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Globalized payment network: Crypto’s borderless nature supports rapid overseas expansion, especially appealing in inflation-prone emerging markets;
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Regulatory framework development: Large-scale adoption will push governments to clarify taxation and AML rules for crypto payments, accelerating compliance.
Jack Dorsey perhaps best captured the moment: “When Bitcoin can buy fries and milkshakes, it’s no longer an experiment for the few—it’s financial infrastructure for all.” This payment revolution, initiated by a fast-food titan, is opening a critical door for crypto’s real-world adoption.
Neason Oliver
