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Today in crypto, Steak ‘n Shake announces expansion in El Salvador, Robert Kiyosaki argues that a global cash shortage is driving the market crash and says he is holding Bitcoin and gold, and crypto executive Jeff Park has expressed support for the CFTC to take the lead in crypto regulation.
Steak ‘n Shake announces expansion in El Salvador
The company of the American fast food chain Steak ‘n Shake announced that it is expansion in El Salvador in an announcement on Saturday.
Steak ‘n Shake started accepting BTC as a form of payment at its restaurants in May. The company announced on a Saturday X place which was amplified by the Bitcoin Office of El Salvador:
“El Salvador is a great country. We have the honor of being in the country of Bitcoin, serving beef tallow fries and distributing Wagyu beef tallow cooking oil. The beginning of a beautiful friendship.”
The company became iconic in the Bitcoin community after its decision to accept BTC, which shows the growing adoption of BTC as a payment method by merchants around the world.
Robert Kiyosaki says cash crunch drives crash, remains bullish on Bitcoin, gold
Robert Kiyosaki, author of Rich Dad Poor Dad, told his 2.8 million followers on X that he don’t sell your Bitcoin or gold despite the steep decline.
“All the bubbles have burst,” he said in a post on Saturday, adding that the real reason for falling markets is a lack of global liquidity. “The reason for all the crashing markets is that the world needs money,” he added.
Kiyosaki said he expects what he calls “The Big Print,” citing Lawrence Lepard’s thesis that governments will resort to massive money creation to cover mounting debt burdens.
“The Bug Print is about to begin … which will make gold, silver, Bitcoin and Ethereum more valuable … as fake money crashes,” he said. He advised those in need of cash to consider selling some assets, stating that much of the panic stems from liquidity needs rather than conviction.
Crypto oversight by CFTC over SEC is ‘correct direction’ – Jeff Park
Despite some complexities around the proposals recently bill structure of the crypto market, a clearer picture is beginning to form regarding the surveillance of the crypto market, according to the chief investment officer of ProCap BTC Jeff Park.
“The CFTC has a bigger domain on crypto than the SEC,” Park he said during an interview with crypto entrepreneur Anthony Pompliano published on YouTube on Friday, while emphasizing that there is still “a lot of complexity with different stakeholders”.
“I think it’s the right direction in my opinion,” he said. “The CFTC is in the business of financial innovation in general, and it is in the business of managing capital efficiency, and leverage and derivatives products,” he said, explaining that it aligns with what the crypto industry is building, a new layer of establishment that brings capital efficiency to different speeds.
Park also said that treating crypto as a commodity is consistent with the international nature of the market.
