Steak ‘n Shake is expanding its Bitcoin driven model into El Salvador, the first country to recognize BTC as legal tender. The company confirmed the move after attending the BTC historico event in San Salvador. It signaled deeper interest in operating within the country’s BTC focused economic environment.
The chain started taking BTC at its American stores in May. Same store sales increased 11% in the Q2 as a result of the rollout. The company data indicated that customer Bitcoin payments were increasing at a faster rate than expected. The move, however, also turned the brand into one of the most active corporate users of the asset.
Bitcoin Strategy Draws Support and Pushback
Steak ‘n Shake framed its integration of Bitcoin as part of a larger move toward functional digital payments. Routine transactions help build familiarity with Bitcoin, executives said. Its method announced attracted attention as other merchants studied similar payment systems.
The firm’s involvement in the San Salvador event enhanced its presence in BTC supporter circles. In a X post, the platform stated that “We were honored to be in Bitcoin Country“. The announcement piqued the interest of analysts monitoring merchant activity in the area.
The brand came under fire in October after it polled customers on whether it should accept Ether. The poll received nearly 49,000 votes. A majority were in favour of the idea, but BTC only backers clapped back hard. They said that users should let the chain concentrate on BTC.
Steak ‘n Shake suspended the poll within hours. It revalidated its faith in BTC and that was the end. The turnabout demonstrated the company’s desire to remain a single-asset play.
Q3 Growth Strengthens Steak ‘n Shake’s BTC Strategy
The chain said the Q3 momentum continued. Same-store sales rose 15% on a quarter-over-quarter basis. That was more than McDonald’s, Burger King, Taco Bell and Starbucks during the same period. The expansion put the company with the rapidly emerging names in fast food.
Earlier this month, Steak ‘n Shake rolled out a BTC airdrop program. It pledged to retain all BTC received from customers payments in a reserve. The shift helped place its business approach in line with long-term asset-gathering.
The program also contains a donate option. The company’s donation will be 210 satoshis for each of its “Bitcoin Meals” sold. Money will go toward OpenSats and BTC Core development. The campaign links what customers buy with donations to open-source projects.
The fast-casual chain also added firepower to its engagement approach after marrying Fold, a BTC rewards platform. Customers who purchase a “Bitcoin Meal” or “Bitcoin Steakburger” get $5 worth of BTC. The deal is now available at more than 400 locations across the United States through the Fold app.
The move into El Salvador will place the company in a countrywide market based around using BTC. It also brought its U.S. efforts to an international stage. Steak ‘n Shake is still structuring its business around BTC payments, customer rewards and ecosystem advocacy.
Source: https://coingape.com/bitcoin-push-positions-steak-n-shake-for-accelerated-q3-sales/
