Why Shorting Currencies is the New Black: A Tale of Two Dollars 💸

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In a world where hyperinflation reigns supreme, our dear Mauricio di Bartolomeo, co-founder of Ledn, has taken to hedging against the Venezuelan Bolivar, that poor, beleaguered currency, by embracing the more stable embrace of the US dollar. Today, however, he finds himself in a delightful twist of fate, borrowing against his Bitcoin (BTC) to shield himself from the crumbling fortress of the US dollar. Ah, the irony! 😏

During the illustrious Canada Crypto Week in Toronto, di Bartolomeo regaled me with tales of Bitcoin-backed loans and the meteoric rise of collateralized BTC lending. He made a rather compelling case for stacking those precious sats, even as Bitcoin’s price dances ever higher. Who knew finance could be so thrilling? 🎢

This week’s Crypto Biz delves into our charming conversation with the Ledn co-founder, while also serving up the latest gossip from the blockchain ball. 🍸

A lesson from hyperinflation

Before the age of Bitcoin, our intrepid hero di Bartolomeo found his fortune in shorting the Bolivar with US dollars, a tale that harkens back to the hyperinflationary escapades of the 2010s in Venezuela. “I was borrowing Bolivars and buying dollars with them, holding the hard dollars and having a borrow [position] on the weaker currency,” he mused, as if reciting poetry. 📜

And thus, Ledn was born—a sanctuary for Bitcoin investors seeking dollar liquidity without parting ways with their beloved BTC. “By borrowing against Bitcoin, you’re basically doing the same thing, but you are in effect holding the hard money, which is Bitcoin, and taking a borrow [position] on dollars, which is a weaker currency,” he explained, with a twinkle in his eye. 💡

Many a Bitcoin aficionado has found this strategy to be a veritable goldmine. By the end of Q4, Ledn’s loan book was valued at a staggering $9.9 billion, according to the ever-reliable Galaxy Research. 💰

Guatemala’s largest bank integrates “invisible” crypto infrastructure

In a rather audacious move, Banco Industrial, the largest bank in Guatemala, has integrated the crypto infrastructure SukuPay into its mobile banking app, allowing users to receive US dollars with the ease of a flick of the wrist. 🪄

SukuPay proudly declares this integration as a first for major Latin American retail banks, proving that even the most traditional institutions can embrace the future—albeit reluctantly. 🏦

With over 1,600 service locations across Guatemala and a foray into neighboring lands, Banco Industrial is making waves. “The key to mainstream adoption of blockchain technology is making it invisible to the end-user,” SukuPay CEO Yonathan Lapchik told CryptoMoon, as if he were unveiling the secrets of the universe. 🌌

Thanks to SukuPay’s wizardry, users can now receive dollars from the US for a mere $0.99, a delightful bargain compared to the usual 6% to 10% they were previously subjected to. What a time to be alive! 🎉

Bankers are panicking about stablecoins, NYU professor claims

Ah, the banking lobby—those guardians of our financial sanctity—are quaking in their boots at the thought of yield-bearing stablecoins. According to NYU professor Austin Campbell, these newfangled coins threaten their very existence, which relies on the age-old practice of taking deposits, paying minimal interest, and engaging in high-risk investments. How quaint! 🏰

In a rather dramatic social media post, Campbell revealed whispers of “panic” over stablecoins offering interest payments and other delightful monetary rewards. “Banks want you to protect their cartel so they can keep screwing your voters,” he declared, with the fervor of a true revolutionary. ⚔️

While Campbell refrained from naming names, CryptoMoon reported that the Securities and Exchange Commission has approved the country’s first yield-bearing stablecoin security by Figure Markets, offering a yield of 3.85%. A veritable feast for the financially savvy! 🍽️

Pi Protocol and Spark Protocol have also joined the fray, developing interest-bearing tokens that are sure to ruffle a few feathers. 🦅

Strategy continues to stack sats

With Bitcoin soaring back above $100,000, Michael Saylor’s business intelligence firm, Strategy, has resumed its buying spree, acquiring a staggering 7,390 BTC last week for approximately $765 million. Talk about a shopping spree! 🛍️

This latest acquisition brings Strategy’s total Bitcoin holdings to a jaw-dropping 576,230 BTC, with an unrealized gain of around $20 billion. One can only imagine the celebrations! 🎊

The announcement came just two days before Bitcoin surpassed its previous all-time high, climbing above $109,000 for the first time since January. Like a phoenix rising from the ashes, Bitcoin has benefited from improved investor sentiment following the suspension of tariff hostilities between the United States and China. 🌅

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

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2025-05-23 23:28