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Today in crypto, Steak ‘n Shake reveals its expansion into El Salvador, Robert Kiyosaki claims a global cash deficiency is fueling the market downturn and states he’s retaining Bitcoin and gold, and crypto executive Jeff Park expressed endorsement for the CFTC to take precedence in crypto regulation.
Steak ‘n Shake reveals expansion into El Salvador
The American fast-food restaurant chain Steak ‘n Shake declared it is extending its reach to El Salvador in an announcement made on Saturday.
Steak ‘n Shake initially started accepting BTC as a method of payment at its dining locations in May. The company stated in a Saturday X post, which was echoed by El Salvador’s Bitcoin Office:
“El Salvador is a wonderful nation. We felt privileged to be in Bitcoin territory, serving beef tallow fries and distributing grass-fed and Wagyu beef tallow cooking oil. The dawn of a splendid partnership.”
The enterprise has gained iconic status in the Bitcoin community following its choice to accept BTC, demonstrating the increasing adoption of BTC as a payment option by retailers globally.
Robert Kiyosaki claims cash crunch driving downturn, remains positive on Bitcoin, gold
Robert Kiyosaki, author of Rich Dad Poor Dad, has informed his 2.8 million followers on X that he will not liquidate his Bitcoin or gold despite the significant drop.
“The everything bubbles are bursting,” he remarked in a Saturday post, adding that the underlying cause of the market decline is a worldwide cash scarcity. “The reason behind all markets crashing is that the globe is in need of liquidity,” he stated.
Kiyosaki indicated he anticipates what he terms “The Big Print,” referencing Lawrence Lepard’s argument that governments will resort to extensive money creation to meet growing debt obligations.
“The Big Print is about to commence… which will elevate gold, silver, Bitcoin, and Ethereum’s value… as counterfeit money collapses,” he mentioned. He advised those in need of liquidity to contemplate liquidating some assets, asserting that most anxiety arises from liquidity requirements rather than conviction.
Crypto regulation by CFTC over SEC is ‘directionally accurate’ — Jeff Park
Despite certain intricacies surrounding the recently suggested crypto market structure legislation, a clearer understanding is beginning to take shape regarding crypto market regulation, according to ProCap BTC chief investment officer Jeff Park.
“The CFTC will maintain a broader domain over crypto compared to the SEC,” Park stated during a conversation with crypto entrepreneur Anthony Pompliano released on YouTube on Friday, emphasizing that there remains “significant complexity with various stakeholders.”
“In my view, that is directionally accurate,” he asserted. “The CFTC is engaged in the domain of financial innovation at large, and it is involved in managing capital efficiency, leverage, and derivative products,” he elaborated, indicating this aligns with what the crypto sector is developing, a new settlement layer that fosters capital efficiency at varying rates.
Park also noted that treating crypto as a commodity is in accordance with the global nature of the marketplace.
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