- Steak ‘n Shake reduces payment fees by adopting Bitcoin.
- The adoption took place on May 16, 2025.
- The move utilizes the Bitcoin Lightning Network for payments.
Dan Edwards, COO of Steak ‘n Shake, announced on May 16, 2025, that the company began accepting Bitcoin payments globally where legally permitted.
This event signifies a shift in mainstream retail adopting cryptocurrency, reducing financial processing costs, and positioning Bitcoin as a viable global payment method.
The decision by Steak ‘n Shake to incorporate Bitcoin payments was driven by the potential for reduced transaction costs and improved operational efficiency. The introduction of Bitcoin as a payment option aligns with recent technological advancements in cryptocurrency. Dan Edwards emphasized that:
“Bitcoin is faster than credit cards, and when customers choose to pay in Bitcoin, we’re saving 50% in processing fees. That makes Bitcoin a win for the customer, a win for us, and a win for the Bitcoin community.”
The initiative had an immediate impact, illustrating increased interest in Bitcoin transactions. The market response showcased the growing acceptance and feasibility of Bitcoin in retail operations.
Financially, the move resulted in significant savings on fees, boosting operational cost-effectiveness while making Bitcoin more appealing. Politically, the adoption might inspire regulatory discussions as more businesses consider similar integrations.
Potential outcomes include further cryptocurrency adoption across other chains, fueled by technological advancements of the Bitcoin Lightning Network. Historically, retail engagements with cryptocurrency have shown varying success, but this approach may pave the way for broader market adoption.
