Hey Steak n' Shake, did you just call my Bitcoin a cow?
"No, I think he called Bitcoin a honeypot!"
Steak n’ Shake…burgers, fries, milkshakes, even the recent switching from vegetable oil to beef tallow for frying fries and other items…what could go wrong? (‘RFK’d our fries’)
Enter Bitcoin, the “decentralized” cryptocurrency that has been wildly exaggerated, overvalued as a result of earliest investors, billionaires, and politicians. And executives at Steak n’ Shake are making no exception either; they are rolling in hard for Bitcoin to enable customers a third option (besides cash and credit card) to pay for items in Bitcoin…good news for everyone right???
Nope; we need to find out what is motivating Steak n’ Shake to accept Bitcoin, who precisely controls and owns Steak n’ Shake, what official executives of Steak n’ Shake have said about Bitcoin, and what political agendas has Steak n’ Shake aligned itself with.
Biglari Holdings, Inc.
Subsidiaries of Biglari Holdings, Inc.
Gov. Abbott condemns 'antisemitic' San Marcos city council proposed 'Embargo on Israel'
Biglari Holdings (BH), located in San Antonio, TX, owns several subsidiaries along with Steak n’ Shake; these include Abraxas Petroleum, First Guard, Maxim, Southern Oil, Southern Pioneer & Casualty Insurance Company, & Western Sizzlin Corp. Its CEO, Sardar Biglari, has invested a considerable amount of money buying companies including Steak n’ Shake (mid-2008) and funding candidates in Texas, particularly the governor of Texas, Greg Abbott. Abbott, who is pro-Israel, last month threatened the city of San Marcos over proposed embargo on Israel. Given Abbott’s position, Biglari very likely has massive bias for Israel by remaining silent on that matter.
Biglari previously referenced Horatio Alger (American dream and the belief that anyone, regardless of their background, can achieve upward mobility through hard work and perseverance) during the companies’ 2023 annual report:
In the late 19th century, the tales of Horatio Alger captivated the public for the way his characters overcome adversity. Our franchise partners are the flesh-and-blood Horatio Alger heroes of the 21st century. It is a reminder that when opportunity knocks, all one needs is a knack for seizing chances and for putting one’s all into the work at hand - Sandar Biglari
You didn’t use Bitcoin; you used Lightning
Borrowed dollars at the lowest APR are the best way to spend $BTC
Burger cost was 9177 sats or $9 USD.
Buy a Burger With Bitcoin? Beware the Tax Risks, Experts Warn
Since May 16, 2025, Steak n’ Shake accepted Bitcoin albeit using the Lightning network. Lightning, developed and launched out in 2018 through Lightning Labs and its CEO Elizabeth Stark, is a second-layer network built on Bitcoin to enable faster and cheaper transaction. At first glance, this sounds good but like any network, Lightning is easily vulnerable to quantum computing threats (as even hinted recently by BlackRock, the largest financial institutional in the world), routing attacks, fraudulent breaching, etc.
Within social media especially Twitter, crypto users (and likely bots) overwhelmingly hyped Steak n’ Shake’s announcement of Bitcoin. Some users went overboard and posted their receipts, “proving” that they used Bitcoin to buy a burger worth $9 or even $12 depending on the content of the burger. There are some glaring issues with these users’ statement.
The receipt does not show the BTC price conversion so we don’t know precisely what was the value of Bitcoin for the transaction amount (e.g. a burger) was sent through. Also, the receipts use sats (Satoshis, smallest decimal units of Bitcoin) as a reference (1 satoshi = 0.00000001). Why not just post receipts as fractional Bitcoin instead? Why even go through the hassle to name a smaller form of a digital currency after a pseudonym developer(s)?
The price of Bitcoin is volatile as as result of deliberate pumps/dumps from elites, billionaires, etc. Thus, receipts e.g. Steak n’ Shake will show varying prices paid, be it overpaid or underpaid for something as simple as a burger.
According to Decrypt, Bitcoin and other cryptocurrencies fall under the same category as stocks, bonds, and other long-term investments that may/may not generate income (via the IRS). They are completely taxable.
Suppose 3 years for now (2028), a burger from Steak n’ Shake cost $9. Due to capitalism, whales (individuals or entities such as corporations and financial institutions with large quantities of Bitcoin), and Bitcoin’s halving (which is scheduled in 2028 if left untouched) largely appreciating Bitcoin’s value to keep on “rising”, what if instead of paying $9 in Bitcoin for a Steak n’ Shake burger, that $9 was not spent and instead accumulated to say around $27…meaning the value of what consumers spent looks insane, much like the infamous story of that one person who paid 2 BTC for pizza.
What do I propose? It’s simple; if you can, stop using “decentralized” Bitcoin to purchase burgers (steaks or milkshakes) lest you enjoy filing a hefty and rigged Form 8949.
When a taxpayer buys and sells Bitcoin (or any cryptocurrency), they must calculate the difference between the price at which the asset was purchased and its current market value. -Lawrence Zlatkin of Coinbase told Decrypt
Ironically, Zlatkin suggested customers use stablecoins instead. Zaltkin’s advice would only keep the relevance of crypto going; the proposal of mine would be to avoid using any digital currency when purchasing something as simple as say a burger. And if you want to have a good burger, home of a good burger, one could always meal prep their own burger…
Valentina Gomez
Bitcoin News: Gomez promotes and buys a meal with Bitcoin
"It's that simple: public executions for any illegal that r*pes or k*lls an American." - Gomez
Outrage after Republican candidate tells voters ‘don’t be weak and gay’
Gomez disrupts Muslim event with anti-Islam rant
AIPAC Tracker on Valentina Gomez
Bitcoin News, TFTC, and other crypto outlets won’t say it but I’ll say it; Steak N’ Shake should be ashamed of themselves for partnering with a controversial figure, someone who I would easily describe as yet another “Bitcoin Zionist”…Valentina Gomez.
Gomez, a political candidate who ran and lost last year during an election to become the Missouri Secretary of State, is an excessive narcissist individual who does whatever she can to seek and feel validation. Whether it is Gomez promoting migrant execution to using a flamethrower to burn LGBTQ-themed books to wearing and removing a hijab to stir hatred speech within a Muslim event.
The next time a crypto bro/gal mentions Steak n’ Shake, ask them how did Biglari Holdings get a narcissist such as Gomez to go about promoting Bitcoin and “freedom” without at least doing a proper background check? Surely Biglari himself is fully aware of Gomez’s profile to not even care.
"Islam has no place in Texas. Help me to Congress so we can end the Islamisation of America. I only fear God." - Valentina Gomez
Bitcoin Las Vegas conference
Steak n’ Shake COO Says Bitcoin Payments Cut Processing Fees in Half
Steak ‘n Shake Reveals Bitcoin Payment Success at Bitcoin 2025 Conference
Last week, prominent politicians, billionaires, and enthusiastic grifters including Gomez gathered together at Las Vegas for yet another Bitcoin conference. Dan Edwards, COO of Steak n’ Shake, was one individual who reported on Steak n’ Shake’s recent acceptance of Bitcoin and the company’s decision to transition away from cooking with vegetable oil to now beef tallow. Edwards exaggerated with no concrete evidence that “Bitcoin is faster than credit cards” and “We are saving 50% in processing fees”, to the point where Edwards need to refer to his “notes”.
“Accepting bitcoin allows us to meet our customers where our customers are,” Edwards said. “We were seeking to provide our customers with another viable option by which to pay for our products. We understand that allowing customers to pay with bitcoin alongside cash and credit cards, puts bitcoin on par with those methods, those other globally accepted payment methods.” - Coin Desk
Edwards also hinted the company’s future plans to involve Ai-powered cyber chefs, robo-taxis, drone deliveries; what could further go wrong? Well Edwards, if you think Bitcoin and Ai are going to be a cash cow for your business, you’re solely mistaken.
-Golden Monarch
Thank You GM
FBC