If bitcoin prices surge dramatically upward, this bond will default. For reference: every interest paying BTC bond ever. These type of investments require BTC price to be stable or losing fiat value. Want to make 12%? Sell your coins and wait until all the Chinese exchanges shut down at the end of January. Then buy at least 12% more BTC.
I think you are misunderstanding how this works. All investments are made in bitcoin, there is no FIAT risk. Bitcoin's value vs fiat is completely irrelevant for these bonds and our investment fund.