GM, this is The Crypto Explorer, the spiciest newsletter in crypto town, we're so hot we'll leave your taste buds begging for mercy! 😂

Here’s what we got for you today:

• 💰 Balaji loses million-dollar bet

• ⛏️ White House proposes a 30% crypto mining tax!

• 🧱 Around The Block: Crypto.com launches ChatGPT-based AI Assistant

💰 The Million Dollar Bet.

Balaji Srinivasan (former CTO of Coinbase), made a bet in March that Bitcoin would hit $1 million within 90 days.

Unfortunately, his prediction did not come true.

He has settled the bet by sending $500k each to Bitcoin Core development via Chaincode, Give Directly, and Medlock.

That's a total of $1.5 million.

So why did he make the bet in the first place?

Balaji explains his reasons in a video posted on Twitter stating:

• He did this to draw our attention to the fact that there is something wrong with our economy, and the state isn’t telling you about it.

• The economy is heading into a financial crisis that will be worst than the financial crisis of 2008.

• There's not going to be a "soft landing" as Jerome Powell (the Federal Reserve Chairman) promises.

You’ve got to watch the video, there is so much information packed into that 10min video.

⛏️ White House Proposes a 30% Crypto Mining Tax!

The White House is proposing a new tax on cryptocurrency mining.

Crypto miners will now have to pay a 30% tax on the electricity used in cryptocurrency mining.

It will be phased in over three years - starting at 10% next year and then rising to 20% and finally 30%.

Get this, the tax would generate an estimated $3.5bn over 10 years.

But the government says it's not about the money, it's about making crypto miners pay their fair share of the costs imposed on local communities and the environment.

(Like hell is not about the money 😀).

A White House report from last September stated that cryptocurrency mining consumes more power than the entire country of Australia.

In the US, crypto mining power consumption accounts for 0.9% to 1.7% of all the country’s electricity use.

The crypto community is not thrilled about this proposed tax.

Some have argued the tax unfairly targets the industry, while others have suggested that greenhouse gas emissions from crypto mining, rather than electricity usage, should be taxed instead.

In any case, it's safe to say that if the proposed tax is passed, it will lead to a lot of unhappy miners.

🧱 Around The Block: Crypto.com launches ChatGPT-based AI Assistant

• ✅ MEXC listing confirmed: Metacade’s highly anticipated MEXC listing is confirmed for 4th May.

• 🤖 Crypto.com + ChatGPT: Crypto.com launches ChatGPT-based AI user assistant Amy.

• 🧑‍⚖️ Sued: Coinbase executives sued for allegedly selling stock ahead of bad news.

• 💰 Domain Seizure: FBI and Ukraine seize 9 exchange domains on money laundering allegations.

That's all we have for today.

Please don't forget to rate today's email and let us know what you like about it.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research