How Bitcoin Is Changing the Financial System | Mauricio Di Bartolomeo
7/18/2025 · 114 min · transcript via mlx
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Key topics
— Ledn eliminated all rehypothecation and rehypothecated loan products, moving to exclusive custody-only loans where Bitcoin collateral sits in segregated addresses at all times.
— The company discontinued Ethereum lending (which made up only 2% of the loan book) to focus solely on Bitcoin-backed loans, citing client demand and regulatory clarity around Bitcoin versus programmable assets.
— Ledn survived the 2022–2023 collapse of BlockFi, Celsius, and Voyager by maintaining strict risk management, never offering uncollateralized yield products, and keeping legal entities properly segregated.
— Bitcoin-backed lending rates have compressed from ~1,400 basis points over Fed Funds in 2018 to ~600 basis points today; Mauricio expects further compression to 100–300 basis points as banks enter the market and validate the collateral.
— Banks and institutions are now actively exploring Bitcoin-backed lending; regulatory clarity (SAB 121 repeal, Federal Reserve guidance, FHFA interest in Bitcoin collateral) is accelerating institutional adoption.
— Mauricio's family escaped Venezuela in 2018 after the regime began extorting Bitcoin miners they had discovered through the government's "Petro" roadshow; his brother fled with his family to Colombia using Bitcoin held on exchanges and hardware wallets.
Market & price signals
— Ledn's custody loan rates stand at 12.4% APR with no monthly interest payment requirements. Mauricio expects rates to decline as banks enter and validate Bitcoin as superior collateral to real estate or equities. The spread over Fed Funds has compressed by more than half in six years; he forecasts further halving within two years. In 2024, Ledn clients redeemed over 1,000 Bitcoin in excess collateral as prices recovered. During Bitcoin's 35% top-to-bottom move in 2024, less than 50 basis points (0.5%) of Ledn's loan book experienced liquidations.
Actionable insights
— Use Bitcoin-backed loans only for genuine financial needs (home purchase, business, education, emergency)—not speculation—and never pledge your entire stack; 30–50% is typically reasonable depending on your liquidation risk tolerance and market outlook.
— Before committing, run a test loan ($500–$1,000) to understand repayment flows, redemption mechanics, and the auto-top-up feature; if you travel or cannot monitor positions, enable auto-top-up to prevent forced liquidation in volatile downturns.
— Demand proof of reserves and full custodial transparency from any Bitcoin lender; avoid tokens, yield products, and rehypothecation. Ledn's model (custody-only, no relending) survived past collapses—insist on the same structure from competitors entering the market.
Episode sponsorships
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