What happened?
Steak ‘n Shake, an American fast food chain, announced it will accept Bitcoin as a payment method at all its locations across the United States starting May 16. The company shared this news on their social media, stating, “The movement is just beginning.” Steak ‘n Shake becomes one of the few U.S. restaurant chains moving toward full-scale adoption of cryptocurrency payments.
Who does this affect?
This change affects more than 100 million customers of Steak ‘n Shake across the United States who can now pay using Bitcoin. It also impacts the cryptocurrency community, as businesses increasingly adopt digital currencies for everyday transactions. Moreover, it encourages similar businesses and industries to consider adopting cryptocurrencies as a standard payment option.
Why does this matter?
The decision by Steak ‘n Shake to accept Bitcoin showcases a growing trend in the market towards the adoption of cryptocurrency in mainstream commerce. This could potentially drive wider acceptance and use of cryptocurrencies, influencing other companies to explore or expedite their plans for similar integrations. The move might impact the cryptocurrency market positively by increasing demand and encouraging more innovation in payment solutions.