Steak 'n Shake Reports Massive Sales Growth From Bitcoin

Famous burger restaurant franchise Steak 'n Shake is sharing major business updates after embracing cryptocurrency. The Indianapolis based company stated on social media that accepting Bitcoin payments has helped drive double digit same store sales growth. Franchise partners recently saw an extraordinary 19 percent gain in same store sales for the quarter.

The restaurant chain first started accepting Bitcoin payments through the Lightning Network and added $10 million in Bitcoin to its strategic reserve. Company executives explained that using Bitcoin instead of traditional credit cards cuts payment processing fees in half. Standard credit card processors typically charge merchants up to 3.5 percent per transaction, making crypto a much cheaper alternative.

This strategy has helped the burger chain outpace major industry competitors like McDonald's, Taco Bell, and Domino's. Leadership noted that the brand dropped plans to accept other digital currencies after public polls showed customers only wanted Bitcoin. Traders and crypto enthusiasts will likely watch to see if other major restaurant chains follow this successful payment model.