Michael Saylor Proposes to Incorporate Bitcoin into U.S. Mortgage Credit Assessment Model
Michael Saylor, co-founder of Strategy, recently expressed his willingness to share his Bitcoin credit model with the housing authorities of the Trump administration to support Bill Pulte's proposed BTC-backed mortgage program. This move aims to explore the potential application of cryptocurrency in mortgage underwriting and could bring significant changes to U.S. housing policy.
The BTC credit model is innovatively based on company Bitcoin reserves to assess the credit risk of debt and preferred stock. The core is to evaluate credit status through Bitcoin reserves covering debt multiples (BTC rating), price volatility credit risk (BTC risk), and credit spreads (BTC credit), without relying on traditional financial ratios, focusing on cryptocurrency-specific risks and value indicators.
Meanwhile, the Federal Housing Finance Agency (FHFA) is considering whether to count cryptocurrency as an asset in mortgage reviews, which could trigger significant changes in U.S. housing policy. So far, due to price volatility, regulatory uncertainty, and lack of standardized valuation methods, digital assets have largely been excluded from mortgage applications.
This idea has garnered attention throughout the cryptocurrency industry. Tristan Yver, co-founder of BackPack cryptocurrency exchange, optimistically stated that the FHFA may streamline the process for (cryptocurrency holders) to convert assets into fiat currency and transfer them to traditional banks, thus providing borrowers with more convenience and options.
However, some critics point out that the 2025 Digital Asset Market Clarification Act (HR 3633) has already classified cryptocurrency as legitimate collateral. Some One X users believe that additional risk assessments are unnecessary and may even hinder innovation. They advocate for simplifying the process and avoiding excessive risk assessments to limit industry progress.
In summary, Michael Saylor's proposal and the FHFA's assessment reveal the influence of cryptocurrency in traditional finance. Although this move offers more options for digital asset holders, regulatory and assessment challenges remain. Therefore, balancing innovation and risk control is a challenge faced jointly by regulators and the industry.
