3/10 updates
Happy Friday, Miners!
We promise it’s still a good Friday after the beating that was this week. You see, Fridays are like pizza, even when it’s not great, it’s still good. To recap …
- What started out as bad signs (delayed financial report and around 1B loss for Q4) for Silvergate, a massive bank to numerous crypto companies the likes of Coinbase and Kraken, resulted in its closure and liquidation before the week’s end. This is a BIG deal because Silvergate enabled about 3/4ths of fund flow between crypto markets. Now with no major bank, the exchange between cyrpto markets will slow, potentially leading to a slow in volume, creating a delay in mass adaptation. Between this and FTX, if you feel like no place is safe, there’s always gift cards ;)
- Earlier this week the chair of the Federal Reseve alluded to raising interest rates in attempt to tame inflation, feeding fears and likelihood of recession. This makes crypto appear to be an even higher risk investment in the eyes of the unaware.
- The regulation of crypto seems a more like a certainty as The Crypto Squad (TM pending) has been formed by the Federal Reserve. What could possibly go wrong? Trust the science, am I right?
- Biden proposed taxing the wealthy, even more, in attempt to curb the national deficit, including a 30% tax on electricity used for Bitcoin mining. This is unlikely to make it through Congress, but maybe a version of it will.
Buckle up, 2023 continues to a bumpy ride. Just keep repeating to yourself “Bitcoin’s never been down 2 years in a row” ...
We’re putting some salve on your wounds by offering some competitive Split Shares:
Keep your keys, keep your wallet, and keep hashing.
Mining Syndicate
p.s. Happy Woman’s History month! South Dakota is no Texas by any means, but freedom is freedom.
Mining Syndicate
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