Steak ’n Shake reports a 16% increase in US same-store sales for July, partially crediting Bitcoin payments for the growth. However, the company has not disclosed key metrics on Bitcoin adoption, such as the number of customers using Bitcoin or the share of orders paid with the cryptocurrency.
Sales Growth
The 16% growth figure comes on top of a 16% increase in the comparable period a year earlier. Steak ’n Shake attributes the growth to loyal patrons and Bitcoiners, stating that Bitcoin payments save money compared to credit cards and that these savings are being reinvested in healthier ingredients.
Bitcoin Adoption
Despite the reported growth, Steak ’n Shake has not revealed how many customers paid with Bitcoin, how much they spent, or what share of orders used BTC. This lack of transparency makes it difficult to separate the effect of Bitcoin on sales growth from other factors such as marketing campaigns, price changes, and menu updates.
Cost Savings
Steak ’n Shake executive Michael Boes stated that Bitcoin transactions cost the chain roughly 50% less to process than traditional card transactions. He also estimated that the company would save around $6 million per year if all credit-card customers switched to Bitcoin.
Conclusion
While Steak ’n Shake has reported strong sales growth and described a potential cost advantage for Bitcoin payments, the lack of key metrics on Bitcoin adoption raises questions about the true impact of Bitcoin on the company’s growth. To demonstrate the effectiveness of its Bitcoin strategy, Steak ’n Shake needs to provide more detailed information on Bitcoin adoption and its connection to sales outcomes.
Based on reporting from crypto.news.
