Semler Scientific Chief Strategy Officer: The integration of Bitcoin into the traditional credit system is still in its early stages

Jinse Finance reported that Joe Burnett, Head of Strategy at bitcoin treasury company Semler Scientific, posted on X, stating, "Comparing the B- credit ratings of MSTR and JBLU, it is becoming increasingly clear that the integration of bitcoin into the traditional credit system is still in its early stages. JetBlue's B- rating reflects its operational vulnerability: nearly $9 billion in debt, only $2 to $3 billion in equity, and almost no free cash flow. Its assets are mainly aircraft, hangars, and loyalty programs, all of which are illiquid and subject to fuel prices, labor costs, and consumer demand. In contrast, Strategy holds $72 billion in bitcoin, $8 billion in long-term convertible debt, and $7 billion in preferred stock. The company is significantly over-collateralized with globally tradable assets that can be settled within minutes and carry no counterparty risk. This comparison is thought-provoking. JetBlue's balance sheet relies on depreciating, oil-consuming metals, while Strategy's balance sheet is backed by scarce digital capital that appreciates over time. Credit rating agencies have not fully kept pace, but when bitcoin is recognized as the world's highest-quality collateral asset, it will be clear that Strategy is not a speculative credit, but one of the safest companies on earth."