RE: LeoThread 2025-10-28 04-55

Part 10/15:

Stress testing Strategy: Even if Bitcoin’s price drops 50% or 80%, the company remains solvent because its collateralization ratio remains robust. Conversely, if Hertz faced a 10% revenue shock, it risks collapsing—yet the rating remains the same.

This dichotomy exposes the fact that the traditional concept of risk—based on static assets, sector exposure, and collateral opacity—is fundamentally flawed amid the emergence of on-chain assets. Risk in Bitcoin terms is about the probability of insolvency, which is virtually eliminated when assets are liquid, transparent, and globally accessible.

The Evolution of a New Financial Architecture