(Bloomberg) — Financial markets are unprepared for Bitcoin-backed bonds, according to MicroStrategy Inc. founder Michael Saylor, the most vocal advocate of companies adding the cryptocurrency to their balance sheets.
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“I’d love to see a day where people eventually sell Bitcoin-backed bonds like mortgage-backed securities,” Saylor, MicroStrategy’s Chief Execujtive Officer, said in an interview Tuesday after the software maker announced that it was taking a loan to buy more of the digital asset. “The market is not quite ready for that right now. The next best idea was a term loan from a major bank.”
That may serve as a warning to El Salvador, which is planning to sell about $1 billion of so-called volcano bonds that will be backed by Bitcoin. While the proposed offering has been the talk of the crypto industry since it was first proposed last year, the nation’s Bitcoin advocating president, Nayib Bukele, has delayed offering the…
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2022-03-30 18:25:51
