So yeah, Steak 'n' Shake, that big fast food chain, just dropped the news that they're gonna accept bitcoin for payments and also pay their staff with it. Plus, they mentioned that all the bitcoin they rake in will go into their strategic reserve.
We're slowly moving into a time where businesses not only take bitcoin but actually pay their employees with it, which is pretty huge. And setting aside those bitcoin reserves is smart thinking. Just imagine a future where bitcoin becomes the top global currency, outpacing all other assets. What if every company jumped on board with bitcoin?
To be honest I do not believe this will be a 'gradual' acceptance and wage payment. It is unrealistic to expect that all major companies around the World will one day accept Bitcoin. And I strongly believe you should not want this. If the World adopts Bitcoin, it means all Fiat has to die every where around the World.
As much as I wish Fiat did not exist or was at least backed by Gold as it once was, the sudden fall of Fiat most probably means wars and a really bad economical time for most people on this planet. As you may have seen, many large companies used to accept Bitcoin from their customers and then gave up on it. It does not always work as well as we hope.
Is the image above real, Michael Saylor?
It looks like they use Michael Saylor to attract other businesses to do the same, or maybe Saylor wants that job to accumulate more BTC since he promises to keep buying and holding.
I'd like to see McDonald's accept BTC as payment since McDonald's is an international foodservice; that's huge visibility and could attract more people to use Bitcoin.
I heard some country treats bitcoin as legal tender; some McDonald's accept BTC. I hope they can force others or sister companies to do the same.
Bitcoin does not need to topple fiat or become a global currency to grow. Being accepted as a means of payment by businesses is the most attractive form of growth for me. It's a plus if the business has a reserve and does not just convert to fiat at the point of payment building holdings and boosting value. It is an extra plus if they have the option for workers to be payed in Bitcoin. My guess is a lot of people will want to receive their salaries in fiat or convert most of the BTC to Fiat after payment, it is salaries that they need for everyday purchases after all.
I will like to know how a Bitcoin burger would taste
And it will also inevitably mean the complete centralization of Bitcoin.
Another milestone as the company start paying their workers and also receiving bitcoin as payment, this could push bitcoin in fast growing pace. If more company's are imbibing in this types of methods then I think other countries wouldn't have any choice and option than to start accepting bitcoin as others, I know that tomorrow we could still see more people delving into this type of moves but, they would regret for not taking the bold steps on time then the price could actually seems so expensive for them to start their investment just as we have people who already regretting for not taking their bold when bitcoin where somehow low and cheaper for them. I give bitcoin more 10-20 years come it would automatically turn a global big name where anyone who doesn't have could be like they are missing something special and of course bitcoin is always special and way better than any other shitcoin out there.
Well done SnS! More companies would follow (and in my opinion this could be see as a premium for chosing a specific place for work...)
I have tried dozens of times to get paid in btc in a couple of companies where I have worked. They just don't care to waste time to dig more.
Even asking like a "prize" or a bonus (including a prize in crypto or maybe just a special ntf) has already been seen as a waste of time.
There is an easy solution. Just buy with your salary and save some cash for your daily expenses
So far, I think Bitcoin adoption for businesses is only regional, as countries with strict ban in using cryptocurrency would not be put in the bracket even if they wanted to and adopted crypto currency as a payment option.
Bitcoin is a currency and when I see it being applauded as if it's a new technology in town, it baffles me to the point where I think that it is get adopted globally, it would be as common as regular fiat and even face the issues it currently does face.
Bitcoin was made for the minority that are concerned with privacy and decentralization. The global market cannot operate on a transaction rate of a couple thousand transactions in 10 minutes which is what a block can contain. There will need to be a centralized system where it goes through and people will actually not hold real bitcoins.
There is also the matter of loans, credit and other key features which are needed for the financial system to work.
The end result could be the government holding actual bitcoins and we will get something similar to CBDCs.
Oh wow I did not know this. Kudos to steak 'n shake, legend move.
Looks like bitcoin was really good for them. I have heard from folks particularly locals, that they were declining as a business but the company has stated they have seen an increase in sales after adopting bitcoin payment. I have noticed such adoption was well received in socials as well, so this move of paying with bitcoin could add to the hype.
More power to them.
The one problem is that in the US the IRS treats each transaction as a potential capital gains tax event. It is a nightmare, but the people in favor of big government don't like everyone else to have the freedom to transact as they see fit.
Did you forget about lightning?
And I don't care about loans or credit. My 1 BTC in my cold wallet will always be my real 1 BTC. It doesn't matter what anybody else does with their fake bitcoin.
Dude... seriously?
Central bank and fiat currency systems broke and can not be fixed but the world will continue with fiat currency existence but in different formats from paper, polymer, digital bank figures to CBDCs, that's it. Fiat currencies will not disappear as they belong to governments and governments won't disappear globally.
Bitcoin is a good alternative and potentially helps individuals, companies to institutions store their money, wealth and enrich with time, so Bitcoin will become a more favorite choice by many entities in the future.
It's Bitcoin future but it does not mean all companies will pay staff salary in Bitcoin and not all employees will accept bitcoins as their salary payment. Companies have no power to force all employees to accept bitcoin as salary payment. It's against human rights, and people all have freedom to choose what they want to receive for salary payment.
It seems that some people haven't heard that by the end of 2025, AI is being used extensively to create images that look quite realistic. Saylor himself uses them in his X. I guess BitMaxz also had doubts because Trump went to fry potatoes at a McDonald's during his presidential campaign.
I see too many problems with that. The main one is volatility. If you only use Bitcoin for savings, fine, but if workers live from hand to mouth, as is often the case, a 20% drop in price is too risky. It's better to get paid in fiat currency and use whatever you can save to buy Bitcoin.
Yeah, i agree it's unrealistic due to regulation around the world and company stakeholder/owner stance towards Bitcoin. But nothing stop them to accept and use both Bitcoin and fiat at same time.
I think you're talking about McDonald on El Salvador. But who know if they still accept Bitcoin, since IIRC they decided to accept IMF loan by revoke Bitcoin as legal tender.
Nothing impossible, but Bitcoin to be a global currency is too good to be true. I tell you the fact that Stake n shake used square to instantly converting their LN Bitcoin to the USD. So they're not really using Bitcoin, but still fully depending on the fiat for the payment purpose.
Apart from that paying their employees with Bitcoin is good, but only if the price goes up, what if it's going down? Nevertheless, hats off for their marketing to drive that Bitcoin fomo.
I remember its their CEO who said a large bump happen on their onchain transactions after Bitcoin adoption. However, that claim has not yet proven till now.
I have been watching this the "beginning", and they have advertised it on their website. The fact that they now pay their employees with Bitcoin is the next step. Maybe there will also be a third step, Bitcoin mining. Then they can pay for the service, an mining is a litte support for the network mining and rewards for employees with Bitcoin. Sounds good, but it is a lot of work. But it is maybe successful develop in this way.
I do not think they will consider mining bitcoin since they already established a strategic bitcoin reserve where they said most of the bitcoin they get from sales will go as the company's treasury.
Aside the above, you should also do not forget the company is based in the USA and mining bitcoin in the US may not be feasible or easy maybe due to cost of electricity and or government's regulation.
My guess is, if the company will ever want to be part of bitcoin mining, they will rather go into partnership with already established mining company in (maybe) the US or any where else around the world, this is my surest bet.
I wonder if this is a "mandatory" option for steak 'n' shake employees to pay in bitcoin, or if they can also receive payment in traditional currencies? Since bitcoin isn't accepted everywhere, it's inevitable that bitcoin salaries will have to be converted into fiat. This incurs additional conversion costs (exchange fees). If I were an employee of steak 'n' shake, I'd like to receive a combined salary: part in bitcoin (for savings) and part in fiat (for living expenses).
In the future, if other companies start doing exactly as steak 'n' shake does en masse, savings and the presence of a strategic reserve will increase demand for bitcoin. And a salary in bitcoin will stimulate the BTC-economy to spend (if other service and product providers also accept btc payments) in this crypto currency.
Its also interesting to know whether this is a PR stunt on the part of steak 'n' shake or a truly long-term strategy?
How will steak 'n' shake report to the tax authorities about the payment of salaries to employees in bitcoin?
Bitcoin has become a market strategy of companies. They have now offered bitcoin as a benefit and since people know how much valuable bitcoin can be I am sure many will be interested especially the young ones. The question would be how can the company maintain sustainability when bitcoin drops and they have to pay their workers the same amount.