In a world where cryptocurrency is increasingly intertwined with traditional finance, Ledn co-founder Mauricio di Bartolomeo’s journey from shorting the Venezuelan Bolivar to leveraging Bitcoin as collateral reveals a dynamic shift in global financial strategies. Speaking at the Consensus conference in Toronto, Canada, di Bartolomeo reflected on his early success betting against the Bolivar—a currency notorious for its rapid depreciation against the US dollar. Fast forward a few years, and the tables have turned, with Bitcoin now serving as a robust alternative to fiat currencies.
The Strategy Shift: From Bolivar to Bitcoin
Before Bitcoin was on the radar, di Bartolomeo capitalized on the volatility of the Venezuelan Bolivar by borrowing it to buy dollars, effectively creating a protective shield in a more stable currency. “Prior to Bitcoin, my most successful investment was shorting the Bolivar with dollars,” he told Cointelegraph. This strategic foresight laid the groundwork for what would become Ledn, a company that empowers Bitcoin holders to access liquidity without selling their precious digital assets.
In today’s landscape, borrowing against Bitcoin mimics the strategy di Bartolomeo once applied to the Bolivar. “You’re basically doing the same thing,” he explains, “but you are in effect holding the hard money, which is Bitcoin, and taking a borrow [position] on dollars, which is a weaker currency.” This approach not only preserves the value of Bitcoin holdings but also mirrors methods used in real estate and stock markets.
A Booming Crypto Lending Market
The broader crypto lending industry has experienced significant growth, driven by Bitcoin’s appreciation and the influx of institutional investors. By the end of 2024, the market was valued at $30.2 billion, a staggering threefold increase over two years, according to Galaxy Research. Yet, despite this growth, the industry hasn’t quite reached its 2021 zenith. As explored in our recent coverage of Franklin Templeton’s backing of Bitcoin DeFi, institutional interest is driving new utility for investors, further fueling this expansion.
Decentralized finance (DeFi) applications have played a pivotal role in this resurgence, enabling users to borrow against assets on-chain. Cointelegraph recently highlighted the increasing monetary value secured by DeFi lending protocols, underscoring a trend that is reshaping the financial landscape. This follows a pattern of adoption that suggests Bitcoin DeFi could surpass Ethereum and Solana in user numbers, as noted by industry executives.
Within this sphere, Ledn has emerged as a top-tier centralized finance (CeFi) lender. By the close of 2024, it boasted a loan book worth $9.9 billion, ranking among the top three CeFi lenders alongside Tether and Galaxy. Together, these entities command 89% of the total market share, as noted by Galaxy Research.
Navigating Future Terrain
Di Bartolomeo’s insights offer an intriguing glimpse into the future of crypto lending. The strategy of borrowing against Bitcoin instead of selling it not only preserves capital but also aligns with broader investment practices. This approach could potentially create a virtuous cycle, as it has in other asset classes like real estate and stocks.
However, the crypto lending market’s journey is far from over. While it has rebounded from 2022’s lows, questions linger about its ability to surpass the 2021 peak. As the industry evolves, so too does the landscape of financial strategies. With Bitcoin continuing to gain traction as a ‘hard currency,’ the potential for further disruption in conventional financial systems seems inevitable.
For investors and crypto enthusiasts, the message is clear: adapting to new paradigms is not just wise—it’s essential. The crypto world waits for no one, and as di Bartolomeo’s story illustrates, those who anticipate its shifts stand to reap significant rewards. As we move deeper into 2025, the path forward is rife with opportunities, and perhaps a few surprises, waiting to be unwrapped.
Source
This article is based on: ‘Before Bitcoin, my most successful investment was shorting the Bolivar’ — Ledn co-founder
Further Reading
Deepen your understanding with these related articles:
- Strategy Raising Another $21B to Buy Bitcoin, Posts Large Q1 Loss on BTC Price Decline
- Strategy’s $84B Bitcoin Expansion Plan Backed by Wall Street Analysts
- Metaplanet to open US arm, plans to raise $250M for Bitcoin strategy
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
