That could be a warning to El Salvador, which is planning to sell about $1 billion worth of so-called volcano bonds that will be backed by Bitcoin, which could be dangerous. With Nayib Bukele, who is a big supporter of Bitcoin, delaying offering securities. The proposed offering has been talked about in the crypto world since it was first proposed last year.

"There's a lot of talk about the Bitcoin bond for El Salvador," said Saylor. The hybrid sovereign debt instrument is not just a pure play with Bitcoin and the government. That has its own credit risk, which has nothing to do with the Bitcoin risk at all."

People who own MicroStrategy's Bitcoins will get a loan of $205 million. It will be backed by that money. DeFi, or "decentralized finance," tools, and digital assets were some of the ways the company used.

The deal would probably work out if it was JPMorgan and the money came from their balance sheet at 4% interest. Hedging funds and operations that don't have 100 times as much money as you do "could theoretically have counterparty risks that would cancel out the nominal yield," Saylor said.

Because Saylor bought MicroStrategy shares, he has effectively made a bet on Bitcoin with a lot of money. This means that it owns about $5.9 billion worth of it right now, based on the price on Wednesday of about $47.5,000.

Everything you do can be done with bitcoin, and you can get a lot of help from every company in the world. He said that cities could do it. "New York can issue $2 billion in debt and buy $2 billion worth of Bitcoin. The Bitcoin is paying 50% or more, and the debt costs 2% or less."