It turns out that letting people pay you for your service (or product) in crypto can actually boost sales. US fast-food chain Steak ‘n Shake has reported that its Q2 earnings are up, in part thanks to Bitcoin (BTC).
The chain’s parent company, Biglari Holdings (NYSE: BH.A; BH), said in a statement that “same-store sales increased 10.7%”, adding that “Bitcoin has been a game changer”.
Thank you Bitcoiners.
Steak ‘n Shake Steak ‘n Shake’s Chief Operating Officer, Dan Edwards, said earlier in May at the Bitcoin Conference that they are saving “50% in processing fees” just by using Bitcoin as a means of payment.
Bitcoin, Burgers & Beyond.
Steak ‘n Shake Not impressed? Well, Reddit users are – and many said this is a big deal that has largely gone unnoticed.
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One Reddit user, called Awkward_Potential, said that the adoption is actually “insane”:
I legit feel like this should be a bigger deal. Like, a national chain is just adopting our Internet money in a very legitimate way. It’s insane.
Another, called Tasty_Action5073, said Steak ‘n Shake’s Bitcoin adoption is a bigger deal than the weekly Michael Saylor news:
Agreed. First national chain of many. I don’t know, but this is bigger than a lot of the Saylor news.
The fast-food outlet, headquartered in Indianapolis, Indiana, has around 400 locations across the US. It also has some restaurants in Europe, with France and Spain being the only non-US locations at present.
Bitcoin, meanwhile, has just moved higher to US$122,038 (AU$187,051), up 3% in the past 24 hours and coming close to its all-time high of US$123,091 (AU$188,665), which it set last month.
Steak ‘n Shake is using the Bitcoin Lightning Network, with instant, low-cost BTC payments across all its US locations.
Powered by Speed’s payment infrastructure, the move cuts transaction fees by about 50% while appealing to a growing base of crypto-savvy diners — positioning the legacy burger chain as a pioneer in fast-food digital payments.
Related: El Salvador Greenlights Bitcoin Banking for Major Financial Institutions
The post Bigger Than Saylor: Steak ‘n Shake Sizzles with 10.7% Sales Jump as Bitcoin Becomes a “Game Changer” appeared first on Crypto News Australia.
