The majority of Bitcoin holders have never borrowed against their Bitcoin. But they're curious. 🤔
We ran a poll on X last week asking: "Have you borrowed against your Bitcoin?"
The curious group was the largest segment. More people are interested in using Bitcoin as collateral than those who actually have.
We are still so early.
Think about it: Bitcoin is a $1.8 trillion asset, but only 2-3% of it is collateralised. Meanwhile, over 60% of real estate is mortgaged. The gap between what exists and what's possible is enormous.
Most Bitcoin holders are still:
✅ Hodling
✅ Watching
✅ Waiting for the infrastructure to mature
The rails are being built right now. Last year, nearly 3,100 BTC had been collateralised on Firefish. The latent demand is massive.
Here's what's inevitable: Bitcoin will move (is moving) from Phase 1 (store of value) to Phase 2 (productive collateral). Not because we want it to, but because idle capital always finds a way to become productive capital.
Bitcoin credit won't arrive with a bang. It will arrive (is arriving) quietly. Then suddenly feel obvious.
We are still so early.
