Good morning, everybody. It’s your Daily Crypto News. I’m Matt, and I decided to go live this morning — my plans got canceled, so we did the show off the cuff. We’re covering today’s top stories: Steak ’n Shake’s Bitcoin Burger promo, XRP’s defense from David Schwartz, Tether’s financial crime task force, and the Brian Armstrong–Polymarket controversy. Plus, a kidnapping case out of Pakistan, and your listener questions. Let’s jump in.
Steak ’n Shake Launches Bitcoin Burger Promo
Fold and Steak ’n Shake launched a new Bitcoin Burger campaign — customers who upload receipts at BitcoinMealDeal.com get $5 in Bitcoin, redeemable through the Fold app. The promotion runs at about 400 U.S. locations, with 210 sats from every Bitcoin meal going to OpenSats to support open-source Bitcoin projects.
Steak ’n Shake has been accepting Bitcoin payments for five months and says BTC transactions have driven sales growth. The company scrapped plans to add Ethereum payments after backlash from the Bitcoin community. Fold, which trades under ticker FLD, saw shares drop about 3.5% Friday to around $3.60.
My Take:
Steak ’n Shake nailed this one. They leaned into Bitcoin’s ethos after the community backlash — no mixed signals, no “crypto” confusion. This kind of move reinforces Bitcoin’s identity as the network of choice for real-world payments, not a tech experiment.
XRP CTO Defends Ripple’s Real-World Use Case
Ripple CTO David Schwartz defended XRP’s practical use cases for cross-border payments while admitting that speculation still drives most of crypto’s value. He described XRP as a “borderless, counterparty-free asset” where users can be their own bank, emphasizing that long-term value depends on utility, not hype.
XRP trades around $2.50, down roughly 30% from its peak of $3.65.
My Take:
Schwartz is right — the space is still mostly speculation. But XRP’s challenge has always been proving usage at scale. If they can keep landing real payment partners and keep regulators off their back, XRP might finally justify the utility pitch that’s been its story since day one.
Tether and Tron’s Crime Unit Freezes $300 Million in Illicit Funds
The T3 Financial Crime Unit — funded by Tether, Tron, and TRM Labs — claims to have frozen over $300 million in illicit crypto since 2024. The task force has assisted 23 countries in fighting money laundering, terrorism financing, and fraud, including Brazil’s Operation Lusocoin, which reportedly uncovered billions in shell company activity and seized assets across 30 crypto wallets.
Tether’s CEO said the effort proves “blockchain can fight crime,” while Justin Sun praised collaboration between law enforcement and crypto firms.
My Take:
Transparency and compliance aren’t bad — but Justin Sun pretending to be the hero of blockchain integrity is rich. His reputation doesn’t exactly scream “trustworthy.” That said, freezing $300 million in dirty money is solid progress if the numbers check out.
Brian Armstrong and the Prediction Market Mess
Coinbase CEO Brian Armstrong closed his Q3 earnings call by literally listing Polymarket keywords — Bitcoin, Ethereum, Web3, and staking — triggering bets that predicted he would say them. Those who bet “yes” won money immediately.
Critics called it insider manipulation and compared it to an athlete betting on their own game. Armstrong brushed it off as a joke, but the move showed how prediction markets can be gamed in real time by insiders with control over outcomes.
My Take:
This is where the “decentralized future” meets reality. Prediction markets sound great until a CEO realizes he can move them with his mouth. Armstrong just exposed a fundamental weakness — these systems can’t price integrity. Coinbase banning employees from participating doesn’t solve the bigger issue: spouses, friends, and insiders can still cash in.
Corruption, Crime, and Kidnapping for Bitcoin in Pakistan
A Crime Control Division officer in Lahore was arrested for masterminding the kidnapping of a Bitcoin trader. The suspects initially demanded Rs50 million (~$178,000) before settling for Rs4 million (~$14,000). They seized the victim’s electronics to erase evidence but were later caught — an embarrassment for provincial authorities.
My Take:
What a clown show. You start a ransom at $180K and settle at $14K? Complete amateurs. But it highlights something serious — crypto kidnappings are becoming a real risk, especially in developing regions. PlanB, creator of the stock-to-flow model, moved his holdings into ETFs for this very reason: personal security. Keep your self-custody private, and don’t make yourself a target.
AI Trading, X Handle Auctions, and the Future of Imperfect Markets
X is launching a handle marketplace, reclaiming inactive usernames and auctioning them to users — a logical next step for Web3-style digital identity. Meanwhile, a new AI trading competition pitted ChatGPT, Claude, and Grok against each other. Grok won, leveraging X’s real-time sentiment data.
My Take:
It’s fascinating — Grok’s edge came from live social signals, which mirrors how traders already react to X in real time. But here’s the thought experiment: if AI becomes perfect at trading, profits vanish. Markets rely on human imperfection — fear, greed, delay, chaos. If every bot trades flawlessly, liquidity dries up and opportunity disappears. Perfection kills the game.
Crypto Prices (as of November 1, 2025, 9:30 a.m. ET)
Bitcoin: $109,800 (–0.1%)
Ethereum: $3,800
XRP: $2.50
BNB: $1,080
Solana: $186
Dogecoin: $0.185
Tron: $0.295
Cardano: $0.612
Total Market Cap: $3.7T
Summary
Bitcoin’s price remains stable, but the headlines keep rolling — from Steak ’n Shake’s Bitcoin Burger to Tether’s global crime task force and Coinbase’s prediction market circus. Ripple defends utility, Justin Sun plays cop, and even cops are kidnapping traders. Meanwhile, X is turning handles into assets, and AI bots are learning to trade faster than we can blink. But the lesson of the day? Whether it’s AI, CEOs, or the cops — perfection, power, and greed always meet somewhere in the middle.
Happy HODLing, Everyone.
References & Affiliates
🍔 Steak ’n Shake’s Bitcoin Burger Comes With Actual BTC Thanks to Fold
💬 XRP Founder David Schwartz Defends Ripple’s Crypto Utility
💵 Tether and Tron Under TRM Labs Financial Scrutiny
🎯 Coinbase CEO Garners Praise and Pushback After Prediction Market Shoutouts
🚔 Police Officer Arrested for Orchestrating Businessman’s Kidnapping in Pakistan
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Disclaimer
This content is not financial, legal, or tax advice. It reflects personal opinions for educational and entertainment purposes only.
I am not a financial advisor or expert, and I do not guarantee any specific outcome.
Always do your own research before making any investment or financial decisions.
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