Ledn's Di Bartolomeo: Bitcoin Borrowing Strategy Mimics Bolivar Shorting Success

Ledn co-founder Mauricio di Bartolomeo revealed his investment strategy, which involved shorting the Venezuelan Bolivar before he discovered Bitcoin. He borrowed Bolivars and bought dollars, holding onto the stronger currency while maintaining a borrow position on the weaker one. This strategy proved successful as the Bolivar rapidly lost value against the US dollar.

Di Bartolomeo drew a parallel between his past strategy and the current opportunity with Bitcoin. With the US dollar depreciating against Bitcoin, he suggested that investors can now borrow against Bitcoin instead of selling it. This approach allows them to hold onto the harder asset, Bitcoin, while taking a borrow position on the weaker currency, the US dollar. Di Bartolomeo emphasized that this strategy creates a virtuous cycle similar to those seen in real estate, stocks, and gold investments.

The motivation behind launching Ledn, a Cayman Islands-based company, was to provide Bitcoin holders with the ability to access dollar liquidity without having to sell their BTC. By borrowing against Bitcoin, investors can effectively implement the same strategy di Bartolomeo used with the Bolivar, holding onto the hard money, Bitcoin, and taking a borrow position on the weaker currency, the US dollar.

The crypto lending market has seen significant growth over the past five years, driven by the rapid appreciation of Bitcoin, the arrival of institutional investors, and the growing utility of stablecoins. This growth has been further fueled by decentralized finance applications, which allow users to borrow against assets onchain. Ledn operates within this broader industry and was ranked among the top three centralized finance lenders, with a loan book valued at $9.9 billion at the end of 2024. Together, the top three CeFi lenders account for a significant portion of the total market.