🍔 My $1,000 Burger and Fries
FIRE BTC #31 - Steak n' Shake now accepts bitcoin
The latest indication of bitcoin’s continued adoption comes with a side of fries.
On May 16, restaurant chain Steak n’ Shake began accepting bitcoin. It had probably been 25 years since I ate at one of their locations, but this development gave me a reason to try it again.
So I made plans for lunch with a couple of buddies, and we set out to spend some sats for a steakburger.
Here’s the story…
🍟 From tallow fries to bitcoin buyers
Steak ‘n Shake has been struggling for years. Store count is down, earnings have lagged, and the brand had faded from relevance. Something had to be done, so earlier this year, the company started making bold moves to turn things around.
This started by switching to beef tallow for frying, tapping into a cultural moment that has been growing around the harmful nature of seed oils in the food we eat.
Public figures like RFK Jr. and Elon Musk praised the change, and the company leaned into it, using the attention to reframe its image.
Then in March, they posed a question on X:
“Should Steak ‘n Shake accept Bitcoin?”
Jack Dorsey immediately replied “Yes,” one of many of the overwhelming replies in the affirmative.
The tone was set, and over the next few weeks, the company teased its decision through memes, bitcoin references, and the debut of a brand persona named “Steaktoshi.”
On May 9, they announced that all 393 U.S. locations would begin accepting bitcoin on May 16.
There’s no indication (yet) they’re holding bitcoin on the balance sheet, but the move fits into their broader repositioning strategy. They are aligning with a certain set of values: forward-thinking, digitally-native, and health-conscious.
We’ve seen other companies begin accepting bitcoin payments in the past, which have invariably died on the vine. But this feels different.
The messaging seems in tune with the bitcoin ethos. If this move reflects a genuine understanding of bitcoin rather than a marketing stunt, it suggests that Steak ‘n Shake’s adoption is built to last. This could be an important signal of broader cultural acceptance for bitcoin.
🤤 A great experience
If there’s one thing businesses should take away, it’s that embracing bitcoin — and doing it loudly — is a guaranteed way to draw attention. On launch day, bitcoiners showed up in force, happily spending their sats to support Steak ‘n Shake’s move.
I was excited to try it myself. So a couple of buddies met at a nearby location for lunch that Friday.
One of the changes Steak n’ Shake made to their business model is introducing automation in the form of large ordering kiosks in place of human order-takers. Immediately, we saw these kiosks displaying a huge bitcoin symbol in the on-screen rotation.
We input our order, chose the “Pay with bitcoin” option, and fired up our mobile wallets to complete the process. It was seamless and fast — just as quick and easy as tapping a credit card.
With that excitement out of the way, it was time to taste the food. Honestly, it was surprisingly good — much better than I expected. I enjoyed a double steakburger with bacon, and the tallow-cooked shoestring fries were delicious.
I will definitely be back.
We recorded a short video showing the whole experience. You can see it here on my X feed (make sure to follow me there if you haven’t already!).
🤯 You spent generational wealth on a burger?!?!?
If you scroll through the comments of my X post, you’ll probably notice that one of the major themes is how dumb I must be to spend bitcoin at Steak n’ Shake. Here’s a prime example:
Bitcoin is the apex predator of financial assets and is engineered to increase in value over time, so why would you ever spend your sats? Especially right now, when we sit at an inflection point of global adoption — the gains ahead of us will be staggering…
This has been a long-running theme in bitcoin, no better exemplified by the 10,000 BTC that Laszlo spent on two Papa Johns pizzas back in 2010. The bitcoin he spent are now worth over $1 billion!!
But this is wrong-headed thinking. While it’s true that not holding more bitcoin comes with a real opportunity cost, that cost doesn’t come from the medium you spend — it comes from the act of spending itself.
All dollars spent are sats you could have saved.
I dug into this concept in issue 6 of the newsletter, but apparently it hasn’t permeated the culture quite yet. Read it here 👇
I’m excited to see how the Steak n’ Shake story plays out. Will they still be accepting bitcoin 3 years from now? Will other companies follow their lead? Or is it still too early, and this will be yet another example of pushing on the medium-of-exchange string?
I’m cautiously optimistic…
That’s it for this week. Thanks for reading!
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Until next time,
Trey ✌️
So are they dynamically pricing to bitcoin in real time?
From my XTwitter comment/question for you:
"Serious noob question fer ya & @profstonge (*apologies): I know the idea is to encourage engagement/acceptance (like in @nayibbukele's joint) but wouldn't a better move be to convert (at the smallest sat level) and then spend the cash (to preserve those sats)? Thx for any answer.