BTC Predictions, and Steak ‘n Shake Expands to El Salvador

Today in crypto, Steak ‘n Shake announces expansion into El Salvador, Robert Kiyosaki argues a global cash shortage is driving the market crash and says he’s holding Bitcoin and gold, and crypto executive Jeff Park voiced support for the CFTC taking the lead on crypto regulation.

Steak ‘n Shake announces expansion into El Salvador

American fast food chain company Steak ‘n Shake announced it is expanding to El Salvador in an announcement on Saturday.

Steak ‘n Shake first began accepting BTC as a form of payment at its restaurant locations in May. The company announced in a Saturday X post that was amplified by El Salvador’s Bitcoin Office:

“El Salvador is a great country. We were honored to be in Bitcoin country, serving beef tallow fries and handing out grass-fed and Wagyu beef tallow cooking oil. The beginning of a beautiful friendship.”

The company has become iconic in the Bitcoin community following its decision to accept BTC, showcasing the growing adoption of BTC as a payment method by merchants around the world.

Robert Kiyosaki says cash crunch driving crash, stays bullish on Bitcoin, gold

Robert Kiyosaki, author of Rich Dad Poor Dad, has told his 2.8 million followers on X that he is not selling his Bitcoin or gold despite the sharp decline.

“The everything bubbles are bursting,” he said in a Saturday post, adding that the real reason markets are falling is a global cash shortage. “The cause of all markets crashing is the world is in need of cash,” 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 loads.

“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 who do need cash to consider selling some assets, claiming most panic stems from liquidity needs rather than conviction.

Crypto oversight by CFTC over SEC is ‘directionally correct’ — Jeff Park

Despite some complexities around the recently proposed crypto market structure bill, a clearer picture is starting to form regarding crypto market oversight, according to ProCap BTC chief investment officer Jeff Park.

“The CFTC will own a larger domain over crypto than the SEC,” Park said during an interview with crypto entrepreneur Anthony Pompliano published on YouTube on Friday, while emphasizing that there is still “lots of complexity with different stakeholders.”

“I think that is directionally correct in my opinion,” he said. “The CFTC is in the business of financial innovation at large, and it is in the business of managing capital efficiency, and leverage and derivatives products,” he said, explaining that aligns with what the crypto industry is building, a new settlement layer that brings capital efficiency at different speeds.

Park also said that treating crypto as a commodity is consistent with the international nature of the market.