Michael Saylor: Financial markets are ‘not quite ready’ for Bitcoin bonds

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Michael Saylor: Financial markets are ‘not quite ready’ for Bitcoin bonds
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Outspoken Bitcoin bull and MicroStrategy CEO Michael Saylor says that the market just isn’t quite ready for Bitcoin bonds... but the day will come.

had taken out a $205 million Bitcoin-collateralized loan to purchase even more Bitcoin. This loan was unique, as it marked MicroStrategy’s first time borrowing against its own Bitcoin reserves — which are currently valued at approximately $6 billion — to buy more of the cryptocurrency.of its $1 billion dollar Bitcoin-backed “Volcano Bond” on March 23rd.

In a potential warning to El Salvador, Saylor said that the country’s Volcano Bond was somewhat more risky than his company’s Bitcoin-collateralized loan, “That’s a hybrid sovereign debt instrument as opposed to a pure Bitcoin-treasury play. That has its own credit risk and has nothing to do with the Bitcoin risk itself entirely.”

Saylor added that he remains extremely bullish on the long-term potential for Bitcoin-based bonds, going as far to say that it would be a good idea for cities like New York to use Bitcoin as a debt instrument. “New York can issue $2 billion of debt and buy $2 billion worth of Bitcoin — the Bitcoin is yielding 50% or more, the debt costs 2% or less.”

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