Moody's has made history by assigning a provisional rating to $100 million in taxable revenue bonds backed by Bitcoin. This move sets a price of $72.06 per dollar of collateral value, marking a significant step towards mainstream acceptance of cryptocurrency as an asset class.
The bondholders will absorb losses if the collateral fails, but this is not unique to Bitcoin. Other assets with similar risk profiles have been used in taxable conduit revenue bonds before.