Perhaps somewhat. But it's worth noting that even Saylor's debt comes in the 8-10% range, which isn't far from the rate on Bitcoin collateralized lending available through lenders such as Strike or Ledn. The sort of interest rates we see in places like the Treasury market are not market rates, but rather, manipulated heavily by the Fed (and Treasury), both through Fed Funds policy as well as programs such as YCC and some of the "backdoor YCC" we've seen with creative issuance schedules (coupled with the fact that Repo markets significantly prefer Treasuries over private debt).
The real win institutional borrowers have that give them such an edge over private citizens is the ability to borrow with instruments that do not face margin liquidations. Saylor could see a 90% drawdown in the price of Bitcoin this week, and as long as it bounces back before his bonds come due, doesn't need to lose a wink of sleep. Even with a conservative LTV of 20%, however, a private citizen would be wiped out by the whipsaw.
Besides all that, we haven't seen much reason to think that XXI is looking at being in the fiat lending business. Anything could happen in due time of course. Either way I'm sure Jack's lawyers are happy he's keeping his lips sealed on this one.
