CAR on the Bitcoin Bus

Good morning. Today we've got coverage on financing for bitcoin miners, an update on the NYS crypto bill, and Fireblocks expanding DeFi coverage for institutions. All that and more today in the CT5!

Summer Vacation: the CT5 will be off starting Friday, April 29th through Friday, May 13th.

Market Update (as of 8:44am ET):

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Top 5:

1. Fireblocks adds support for Terra as it sees 'record breaking' institutional demand. Crypto custodian and service provider Fireblocks has added support for the Terra blockchain in response to growing institutional demand for DeFi products and access. The company operates an early access program for customers to test out new products and the Terra early access period saw customers deploy more than $250 million in the first 72 hours after early access was opened.

2. Central African Republic adds bitcoin as legal currency. Faustin Archange Touadera, the President of the Central African Republic (CAR) has signed into law a bill that legalizes cryptocurrencies and makes bitcoin currency in the country. CAR currently uses a currency called the CFA franc which is backed by France and worth about .0016 USD. The country's GDP stands at $2.38 billion as of 2020, but plans to move forward with "broad-based crypto adoption plans."

3. Battered bitcoin miners increasingly turn to debt financing. With bitcoin prices stagnating well below all time highs, miners have turned to debt-financing to stay competitive and grow. Many miners have pledged their ASICs as collateral for loans, including CleanSpark ($35 million loan backed by 3,000+ ASICs), Iris Energy ($71 million loan backed by 19,800 ASICs), and Greenidge Generation ($81 million loan, backed by an undisclosed number of ASICs). While there are benefits to using debt to finance operations, it remains to be seen if these businesses can weather further bitcoin price depreciation or a long-term consolidation of prices in the current range.

4. Update on the "anti-crypto" bill in New York. The bill has passed the New York Assembly and will go into law in the state. The bill will put a two-year moratorium on the issuance of new permits for proof-of-work mining operations that propose to use “electric generating facility that utilizes a carbon-based fuel.”

5. Reminder that the CT5 will be off the next two weeks for "Summer Break".

Updates and other stories:
- Australian bitcoin and ether ETFs delayed due to ‘standard checks’...Read More
- Buenos Aires mayor touts plan that permits tax payments in bitcoin...Read More
- CFPB invokes old rule to expand authority over crypto firms...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.