Part 6/15:
In contrast, Strategy’s assets—Bitcoin—are appreciating, highly liquid, and globally auditable. Yet, both receive identical “junk” ratings, exposing a basic flaw: current credit models equate asset volatility and business sector risks, not real solvency or collateral strength. They treat Bitcoin’s inherent price movements as a sign of instability, disregarding the fact that Bitcoin’s liquidity and portability make it a superior form of collateral compared to depreciating physical assets.