TFTC: A Bitcoin Podcast #641: Why Bitcoin Collateral Beats Private Credit Markets with Phil Lojacono
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Jul 19, 2025 Phil Lojacono, an asset management expert at Berglinde, discusses the rising significance of Bitcoin-backed lending markets. He explores the hurdles of bringing institutional capital into the Bitcoin economy and the regulatory challenges in Europe. Lojacono highlights Bitcoin's potential to enhance economic sovereignty and reshape investment strategies. He delves into the evolution of Bitcoin-collateralized lending and underscores the advantages of multi-signature custody solutions for secure asset management, emphasizing a brighter future for Bitcoin in finance.
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Phil's Founding Story
- Phil Lojacono shared his journey starting Berglinde based on lessons from past startups.
- He began with education and consulting before building Bitcoin-backed lending solutions for institutional investors.
Bitcoin Lending's Pricing Inefficiency
- Bitcoin-backed lending is arguably the most mispriced credit instrument globally.
- The liquidity, non-rehypothecated collateral, and higher yields make it exceptionally attractive.
Swiss Regulation Limits Bitcoin Loans
- Swiss regulation treats Bitcoin-backed loans as uncollateralized, imposing strict capital requirements.
- This restricts banks, especially newer ones, limiting scale and lending rates currently remain attractive.
