Moody's Prices Bitcoin at a 28% Haircut (catenaa.com)

This is not about a haircut—it’s about Bitcoin entering the global collateral system.

The real question going forward, Will volatility compress enough for Bitcoin to move from speculative-grade (Ba2) to investment-grade collateral?

Because that’s when institutional adoption truly accelerate

Makes sense. If you want to use such a volatile asset as collateral, you should expect a conservative view from those providing the cash.