From Bolivar Shorting to Bitcoin Lending: Ledn‘s Founder on the Evolution of Financial Strategies
Mauricio di Bartolomeo, co-founder of the Bitcoin lending platform Ledn, has a unique perspective on the evolving financial landscape. His journey from successfully shorting the Venezuelan Bolivar to embracing Bitcoin-backed loans provides insights into the changing dynamics of wealth preservation and access to liquidity.
In an exclusive interview at the Consensus conference in Toronto, di Bartolomeo shared his experience shorting the Bolivar during its rapid devaluation against the US dollar. He explains, “Prior to Bitcoin, my most successful investment was shorting the Bolivar with dollars. I was borrowing Bolivars and buying dollars with them, holding the hard dollars and having a borrow position on the weaker currency.”
Leveraging Bitcoin as a Hard Asset
Di Bartolomeo saw a parallel between his Bolivar strategy and the emerging trend of Bitcoin-backed loans. The concept allows investors to access fiat liquidity without having to sell their Bitcoin, effectively borrowing against a hard asset. He emphasizes, “This creates a bit of a virtuous cycle that we see happen time and again with real estate, with borrowing against your stock, borrowing against your gold, and so Bitcoin is no different.”
Growth of the Crypto Lending Market
Ledn operates within a rapidly expanding crypto lending market, driven by factors like Bitcoin’s price appreciation, institutional investor involvement, and the rise of stablecoins. According to Galaxy Research, the crypto lending market reached $30.2 billion in value by the fourth quarter of 2024, marking a significant increase from two years prior. This growth is further fueled by decentralized finance (DeFi) applications, which enable users to borrow against assets on-chain.
Ledn‘s Position in the Market
Ledn has established itself as a key player in the centralized finance (CeFi) lending space. As of the end of 2024, the company held a loan book valued at $9.9 billion, placing it among the top three CeFi lenders. Ledn, along with Tether and Galaxy, collectively account for 89% of the market share, highlighting their dominant position.
Di Bartolomeo’s experience highlights the evolving role of Bitcoin in the global financial system. His journey from traditional financial strategies to embracing Bitcoin-backed loans reflects the increasing recognition of Bitcoin as a stable store of value and its potential to reshape traditional financial practices. As the crypto lending market continues to expand, platforms like Ledn are poised to play a pivotal role in facilitating access to liquidity while empowering individuals to maintain control of their Bitcoin holdings.
