Good morning everybody, Daily Crypto News here. It is Wednesday, November 26, 2025, Thanksgiving is tomorrow, and I am rolling in a little late because life happens. Markets are jittery, governments are confused, and somehow prediction markets are out here inventing new ways to be racist on main.
Let’s get into it.
Polymarket’s “Jeet” Tweet Blows Up In Its Face
Polymarket is under fire after its Polymarket Traders account posted, then deleted, a tweet threatening to strip “Polybaddie” affiliate badges from accounts in India, Turkey, and Nigeria that it claimed were LARPing as e-girls. On top of that, they used the racist slur “jeet” to describe those users.
Top traders, a healthcare CEO, and even a rival Kalshi affiliate called the post unprofessional and discriminatory, and at least one media partner publicly walked away from the Polymarket program over it. The tweet tried to piggyback on X’s new location-disclosure feature to “verify” sexy crypto influencer accounts in its PolyBaddie program, but instead it turned into a case study in racism and objectification in public.
Polymarket says it is now redoing KYC on those “baddie” accounts and that badges will be restored for verified profiles. Users are not just asking for KYC, they are asking for a real apology and some clarity on whether Polymarket actually wants users in the very countries it just insulted.
Monad’s Mainnet Hype Meets Spoofing Reality
Scammers are going to scam.
Monad’s mainnet launch is already attracting them. Within 48 hours of MON going live and airdrop and public-sale tokens becoming usable, attackers deployed fake ERC-20 contracts that emit bogus “transfer” events. On explorers it looks like legitimate wallets, including the CTO’s, are sending tokens, when in reality nothing is moving at all.
Monad’s James Hunsaker has been clear this is not a chain bug. It is classic spoofing: smart contracts generating fake events plus vanity addresses that resemble real ones, all designed to poison your transaction history and trick you into copying the wrong address.
Security folks keep repeating the same boring but necessary advice. Always check who initiated the transaction, always confirm the real token contract, and remember this one simple rule: if you did not sign it, your funds did not move. Zero-token or weird-looking “transfers” in your history are almost always bait.
Bottom line, you only lose coins when you click send, approve, confirm, and sign. If anything looks even slightly off, stop. Close the wallet, re-open it, check the address again. If you are feeling FOMO and rushing because you “have” to act right now, that is probably the best time to take a breath.
Saudi Aramco’s Quantum Computer And The Q-Day Question
Saudi Aramco just installed the kingdom’s first quantum computer, a 200 qubit neutral atom machine built by Pasqal, mostly for energy modeling, optimization, and materials research. So of course the headline question shows up again: can quantum break Bitcoin now?
The short answer is no, not with this machine and not with anything we have today. Current devices are noisy, they lose coherence quickly, and you would need thousands of error-corrected logical qubits, which probably means millions of physical qubits, to realistically run Shor’s algorithm against Bitcoin’s elliptic curve signatures.
So the threat is long term, not immediate. But it is real enough that “post-quantum” migration is already a serious agenda item in security circles. Governments and big companies are racing to build bigger systems. If we ever hit a real Q-Day, a machine that can forge digital signatures and break widely used crypto systems, it will not just be a Bitcoin problem, it will be a “global economy looks very weird” problem.
We are still a long way away, and it is not just about hardware. You need the software, the algorithms, and all the tooling built around it. That does not mean we ignore it. It means we prepare while acknowledging we are still early.
Texas Quietly Starts A Bitcoin Reserve
Grab your cowboy hat and bolt some bull horns to the front of the truck.
Texas appears to be the first US state to put Bitcoin directly on its balance sheet. Under SB21, the Texas Strategic Bitcoin Reserve got an allocation of about ten million dollars, according to the Texas Blockchain Council. So far, around five million has reportedly been deployed into BlackRock’s iBIT spot Bitcoin ETF, alongside existing holdings of roughly six hundred and sixty seven million in SPY and tens of millions in a Janus Henderson fund.
If all of this is confirmed, Texas is treating Bitcoin like any other long-term strategic asset. You look at the best performing assets of the last decade, you allocate a sliver of the portfolio, and you manage risk around it. That puts Texas in the same iBIT holder club as Abu Dhabi’s sovereign fund and Harvard’s endowment, which tells you how fast Bitcoin went from “weird internet money” to “something big allocators quietly own.”
To me, this is inevitable. States, cities, HOAs, everyone who manages a pool of money already allocates into treasuries, bonds, equities, and money markets. I am literally the vice president of my HOA and we just moved part of our four hundred thousand dollars in the checking account into something that earns a real yield. States do the same thing at a bigger scale.
So why would you not at least consider a small Bitcoin allocation inside a multi-billion dollar state balance sheet, especially if the alternative is cash rotting away at near zero. You need emergency reserves, sure, but you also need yield. Bitcoin is not some magical exception. It is another tool in the box.
Spain Floats A “Tax It, Seize It, Color-Code It” Crypto Plan
Spain’s left-wing Sumar Party, the junior partner in the current ruling coalition, has proposed a harsh new crypto tax and control package that critics are calling a direct attack on Bitcoin.
Their ideas include moving crypto gains into the general income tax base and pushing the top rate toward forty seven percent, slapping a thirty percent flat rate on corporate holders, classifying all crypto as seizable assets, and forcing platforms to show risk “traffic light” labels to users.
Lawyers and tax experts are already saying some of this is technically unworkable, especially blanket seizure rules for assets under MICA that are supposed to be handled by regulated issuers and custodians, and it completely misunderstands how decentralized self custody works. You can write “seizable” in the law, but if someone has their keys in their head, good luck.
This is the part that triggers me. Governments love the phrase “fair share,” which usually translates into “you need to pay more, and we do not want to talk about waste or corruption.” Nobody in power wants to ask the real question, which is whether the capital they already collect is being used as efficiently as possible.
There are responsible, ethical ways to structure tax on gains without turning every new technology into a piggy bank. What we get instead, again and again, is a clumsy cash grab wrapped in moral language.
Options Traders Price In A Capped Grind, Not A Vertical Moon
Underneath all of this, Bitcoin’s options market is quietly telling its own story.
On Deribit, large long call calendar blocks are building up that profit if Bitcoin finishes somewhere around one hundred thousand to one hundred eighteen thousand dollars by December 2025. That tells you big players do expect a recovery and a rally, but they do not think we are going to see some unlimited, straight-line melt-up forever.
Volatility metrics point in the same direction. Short dated implied volatility is more expensive than long dated, which usually means the near term is stressed and choppy. Skew is heavily tilted toward puts, another sign people are hedging downside more than they are chasing blow off tops.
Translated out of trader language, the market is pricing in pain, chop, and maybe a more modest grind higher instead of the storybook “number only goes up” fantasy.
My Take
Polymarket’s “jeet” mess, Spain’s tax fantasies, Texas buying Bitcoin, and Saudi’s quantum machine all rhyme in one way. They are all about who gets to control risk, who gets to define the narrative, and who gets to clip the coupons.
Polymarket tried to turn a fun little affiliate program into a clout hierarchy and got exposed for what that often becomes, ugly, racialized gatekeeping. Spain is trying to bolt a twentieth century tax mindset onto a twenty first century asset and hoping nobody notices the corruption in the middle. Texas, on the other hand, is doing the obvious thing that most finance people will privately admit makes sense, treat Bitcoin as a small, long term strategic allocation in a big portfolio.
On the tech side, the quantum story is similar. People who actually know the hardware say we have a long way to go before Bitcoin signatures are at immediate risk, but they also know it is coming someday. So we get this quiet, serious push toward post-quantum crypto while the headlines keep asking the same “is Bitcoin dead” question every six months.
What ties it all together is how much of this space runs on trust theater instead of verification. Polymarket asks users to just trust that they are not racist while they use a slur. Spain asks you to trust that confiscatory taxes are about “fairness” instead of feeding the same corrupt machine. Traders on social media scream that the top is in, then scream that the bottom is in, then scream that they were right all along, and none of it comes with any verifiable track record.
Bitcoin’s whole point is the opposite. Do not trust, verify. That does not just apply to blocks and signatures. It applies to governments, exchanges, influencers, and anyone who claims to be acting in your best interest. You can respect expertise, but you still need receipts.
So my take is simple. Let governments experiment with small Bitcoin reserves if they want, fine. Push back hard when they try to tax and seize everything in sight. Treat Polymarket’s “jeet” drama for what it is, a reminder that culture matters as much as code. And keep one eye on the real long term threats like quantum, not because Bitcoin is doomed today, but because the strongest systems are the ones that adapt before they are forced to.
Listener Questions And Comments
Jason on Hal Finney As Satoshi
Jason, our resident perma bear, wrote in to say that on a Satoshi and Epstein episode, he forgot to mention that Hal Finney’s wife was interviewed by Natalie Brunell and said plainly that Hal was Satoshi. Jason says that is enough proof for him and he is shocked nobody talks about it more.
I get why that feels compelling. If anyone on earth would know, you would assume it would be Hal’s wife. But this whole ecosystem is built on “do not trust, verify.” There are a bunch of ways you would expect that claim to be backed up if it were true.
She could sign a message with private keys from early Bitcoin addresses that are strongly associated with Satoshi. She could move even a tiny amount of Bitcoin from one of those earliest wallets. She could produce unpublished drafts of the white paper or original code with verifiable timestamps from 2008. She could show access to original PGP keys or email accounts tied to Satoshi’s public communications and sign something new today.
Right now, we do not have that. We have a statement. Without any of those verifications, it is still speculation that happens to be more emotionally compelling than Craig Wright yelling “I am Satoshi” into a camera. In both cases, without proof, it does not matter.
Beal on Kraken, Coin Or Stock
Beal asked whether I was buying “Kraken” the cryptocurrency or “Kraken” the stock, and whether there is a ticker.
I am talking about stock, and it does not exist yet. Kraken is still private. If and when they do an IPO, I plan to take a shot at it, probably a few tranches over time instead of aping in all at once. There is no public ticker today. Until then, it is speculation and planning, not advice and not a live trade.
David Sanchez On Worldcoin And Human Verification
David Sanchez wrote in about The Gap announcing a partnership with Worldcoin and asked whether human verification is a real thing or if Worldcoin is just going to be another Meta type data grab.
I think human verification absolutely has to be a real thing in the future. Sam Altman knows what he is building on the AI side. Once you understand where AI is going, you realize that sooner rather than later you need something that can answer a very basic question, is this a human or a machine.
Is Worldcoin the right answer? I am not convinced. There are real questions about privacy, accessibility, and whether scanning eyeballs and tying that to an identity token is the best way to solve this. My guess is that we will get better, more private, more open solutions over time. But the problem Worldcoin is trying to solve is real. We are going to need human verification in some form if we want any hope of separating bots from people at scale.
JYoder’s Monad Win And Tail Of The Dragon
Our favorite Amish listener, Jay Yoder, wrote in to say he is sitting over there wishing he had bought more Monad in the presale on Coinbase, because he is up fifty seven percent with the pocket change he did throw in.
Hell yes, man. Up fifty seven percent is a good day in any market. Moon that thing responsibly, take some profits, and hopefully it is enough to buy a new car you can hustle down Tail of the Dragon. If that happens, next summer, send me a message and we will go down there and drive together.
Crypto Prices
As of 11:03 a.m. Eastern Standard Time, here is where the market stands.
Bitcoin: $87,141, up 0.2 percent in 24 hours
Ethereum: $2,940, up 1.4 percent
Tether: still number three
XRP: $2.17, down 0.6 percent
BNB: $865, up 2.3 percent
Solana: $1.36, up 1.5 percent
USDC: number seven
Tron: $0.274, up 1.1 percent
Dogecoin: $0.15, up 1.9 percent
Cardano: $0.413, up 0.5 percent
Total crypto market cap is sitting right around three trillion dollars, up about 0.2 percent on the day. Bitcoin accounts for roughly 1.73 trillion of that, Ethereum about 355 billion. We are green across most of the board, anywhere from small bips to mid single digit moves.
Happy HODLing, Everyone.References & Affiliates
⚠️ Polymarket Criticized for Racist Post Targeting ‘Fake Baddies’
🛠️ Monad Hit by Spoofed Token Transfers Days After Mainnet Launch
💻 Saudi Arabia’s First Quantum Computer Sparks Fears It Could Break Bitcoin
🏦 Texas Reportedly Begins State Bitcoin Reserve With $5 Million iBIT Purchase
🇪🇸 Spain Proposes Crypto Tax Rules Focused on Bitcoin ‘Risk System’
📉 Three Signals From Bitcoin Options Traders Suggest a Genuine Market Low
Self-Custody Crypto Roth IRA: athenic.xyz
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Disclaimer
This content is not financial, legal, or tax advice. It reflects personal opinions for educational and entertainment purposes only.
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