“There's a component of it that's sensitive to Bitcoin price but in theory, the difficulty adjustment should allow miners to make money regardless of what the Bitcoin price is. However, if Bitcoin does 'do its thing' and rises to the upside, then the bond's appeal will rise manifold. Those bonds are going to trade on the open market at a much higher rate than six and a half percent. They'll trade at a lower yield at a higher price because the six and a half will be extremely attractive so people will bid up the price of those bonds and the yield conversely will decline.”
13 Dec 2021
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