YouSaid · the spoken record

Mauricio Bartolomeo

lines on the record: 28
first: 2021-12-29
most recent: 2021-12-29
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“You can follow us at hodl with leaden. That's our Twitter handle. And for myself, you can find me at crypto nomista. And you can also check out the Bitcoin Economic Calendar, which is a newsletter that we write. And it's actually free for clients and non-clients as well. But yeah, that's where you can find us or myself, Adam, you can give yours.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Anywhere outside of those three countries. And people will, you know, go to great lengths to not hold their local currency and hold dollars instead.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Clients. We have clients that live in certain remote parts of Mexico. And for them to go open a dollar bank account somewhere is a day's trip. Or sometimes they don't even have a way to get there. And many times these people found their way through Bitcoin. They bought it in our local P2P market and they want to access some of our services. And our experience, I think, speaks a lot to what Stablecoins is doing for people because it came from clients asking us to fund our loans in stablecoins. And these were clients largely in Latin. So over 40% of our loan clients are all in Latin America. And so it is truly giving people in very far-reaching parts of the world access to a stable savings account or a stable savings instrument, which I know might seem trivial for anyone that grew up in Europe or Canada or the US, but a dollar is the all mining.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Not to mention that it is banking, it is actually banking a lot of a bank. X recent gas fees issues that we've been having because transparently right now you can't really use stable coins on Ethereum. Like a normal human cannot afford to use them for their everyday life. But six months ago, a little bit right now, mind you, I have heard from people in places like Venezuela that are using stablecoins on things like Solana. People find their way through innovation to solve their own needs. And it's remarkable. It's not fancy software developer engineers. I'm talking like real people are actually going out and reaching and finding a different option because they just don't want to pay $100 in fees. Barring that aside, what I think is fascinating about stablecoins and hyperdollarization in some ways is that it is actually, so if you look at some of our...”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's a six and a quarter on the first half of Bitcoin and two and a quarter on balance is above that. And then for the USDC savings account is nine and a half percent APY.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And see the light above it kind of work for the best interest of the constituents. But I think that politics is one of those things that it's going great or it's going absolutely terrible. And I've seen it go from great to terrible like that. And so that's one thing that is at the top of my mind. I'm very jaded by politics, so I'll caveat with that.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I guess one thing that I think is maybe the elephant in the room, but not perhaps not necessarily, like depends on who you ask. But I think that Bitcoin's weaving its way into politics, whether it's El Salvador, whether it's the US, whether it's, you name it, politicians are talking about Bitcoin. My concern is that if we get Bitcoin pinned to one particular party and not the other, so Bitcoin becomes X party supports Bitcoin, but Y party doesn't support Bitcoin and we go into this, for example, in a sort of a two-pole system, you would potentially have this situation where you have four years pro Bitcoin, four years anti-Bitcoin, four years pro Bitcoin, four years anti-Bitcoin, and you can get into like one hand building, the other one breaking down. And so I think that I see that as a potential risk, as in some countries, like hopefully politicians can be bigger than this.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The process today is not automated through the platform, it's a manual process that is done through our key account managers. So each one of the clients that is going through the application process has a designated account rep that helps them go through the appraisal process and the full application. Right now, I think it's a bit too early for us to tell just because we're going through the pilots. But I think once everything is in place, it should be a fairly straightforward process, at least on this structure of the launch. As we start getting into lower interest rates longer terms and traditional capital gets introduced into the mix, the underwriting process might change. And it might become a little bit longer. But the idea at the start is to have this be almost as frictionless as a Bitcoin back loan for you to be in and out as simple as hopefully a day or a couple hours.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Very similar, yes. So essentially, it's the same process, it's a typical real estate appraisal as if you were going to a normal mortgage process through a bank. Part of the things or something that interested clients should know about the loan is that it basically Leden has the right to reassess the value of the property at the end of the first year. And essentially that would be the way that we can reset the LTVs of the loan if there have been any moves, any changes in the value of the real estate. and of the bitcoin the idea here is that if bitcoin has rallied and you know you're overcollateralized and the bitcoin portion that one year mark allows us both the borrower and the lender to reset the levels to their to their 50”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Allowing the infrastructure that lets people do that. I say this sort of jokingly, but the fact that somebody in Medellin can take a sliver of their paycheck and hedge inflation with the same instrument that Michael Saylor is using is incredibly empowering. Incredibly. And so I don't think that's a trend that's going to stop anytime soon.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's a great question. I'm excited, as I was mentioning to you earlier, because I feel like there's been a sort of collective awakening by many people around what money is. And I think that you're seeing it around the world. And it's not just in investor markets. In the US, it's a very big problem because it's been, I believe, the economy that's injected the most cash into its system over the last 12 months. And so typically people in the US are never worried about inflation. But to have the US now worried about inflation, to have the types of things that you're seeing in Europe where it's just going completely out of whack and you're seeing this sort of collective awakening of people saying is not an instrument for saving. This is the terrible instrument to build wealth. And I'm going to opt out of it and I'm going to go into Bitcoin and I'm going to go into real estate. And so what I'm most excited about is being part of that massive wave.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So we can't provide tax advice. You have to consult with your tax professional. But in many jurisdictions, when you take out a loan and you use the proceeds to reinvest in a business, they can be tax deductible. So you can confirm with your tax professional.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The client decides that they would like to one or the other option, well, that's their prerogative, we're just there to kind of offer whatever they prefer.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The way that the product structure right now is we are a custodial company. We know that the lending product that we offer is a custodial product. We do hold the keys for the collateral for our loans and the way the mortgage is structured, we will also hold the keys for the collateral for the Bitcoin on the mortgage product. What we are looking into as future iterations of the product is giving the clients the option to basically have their Bitcoin sit on chain so that they can essentially monitor their Bitcoins that is being part of the collateral for that loan. Obviously there are some mechanical changes into that. There might be some price differences as well in the two options just because the cost of capital, frankly, is different in the two forms of financing. But I think that we are always in the view that if this is something our clients want and it's important for them, we want to give them the option to have it.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so we actually did see that a few times in some of those experiences was what led us to this product because what we saw actually a couple times, our clients were coming in and taking large loans like million dollar plus loans and some of them openly said that it's going to be the buy real estate and some of them even said, hey, I'm going to look to refinance part of the house and I'm going to be repaying a portion of this loan in a few months time. And we said that's great. You know, we'd love for you to get a more efficient cost of capital if you can. But immediately that clued us in into the fact that in these circumstances, some of our borrowers have the cash flows to essentially go support the mortgage of the house that they wanted to buy in the first place. A lot of our clients were not in that camp. And they said, I really, you know, would like you to do the mortgage entirely. I don't want to deal with a bank. I really don't. And so we obliged.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“People, I think, incorrectly think of a mortgage as a loan against the house. A mortgage is actually a loan against your cash flows or your income that is backed by the house. So if you show up and you try to buy a $5 million house and you make $20,000 a year, no bank's going to give you that mortgage. And so what many Bitcoiners face and the challenges that many people in the crypto space face is that, A, they're either freelancers, they don't really have a steady stream of income. They don't really have a steady or long-term employment history. And the other one is a lot of these people have made a lot of Bitcoin or digital assets over the last few years. So rightfully, they, many times they're entrepreneurs or they are, you know, they just don't have that cash flow stream that allows them to buy the house of their dreams. Many times their current stream of cash flows will allow them to buy a house that's half of what they want. And so by tapping into the Bitcoin mortgage,”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Funny you mentioned that because so we've received that feedback so many times in essence the product the pilot the way it was structured was clients had bitcoin and wanted to purchase a house and that's the way the product is structured for the pilot but what we quickly realized was there was a huge demand for people that outright own their homes and would like to buy the same amount of Bitcoin So we're already working on that and it should be essentially I think ready perhaps not immediately when the when the V1 mortgage hits, but within months most likely of it being announced and the other piece I wanted to add just to frame the conversation around the rates for traditional mortgages because I think a lot of people talk about these 2% rates, 3% rates as if they're very attainable for anyone can walk into a bank or America and get 2%.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So many of their financing needs, a couple of them, several of them came with the same request. And when we started working with them, we saw a lot of people around their own circle get really excited about the product. And so that we clued into the fact that there was this big demand for Bitcoiners to purchase real estate. The results after the announcement kind of speak for themselves were very, very happy so far the feedback.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so the product that we just announced last week is a Bitcoin mortgage. So what that product is, it allows you to buy a property worth the same value as your Bitcoin stack. So if you have a million dollars worth of Bitcoin, you can use the Bitcoin mortgage to purchase a million dollar home. And essentially that product is different than the straight Bitcoin back loan. It has obviously some trade-offs, I guess, and some benefits for a few parts of how the product works. But we're happy to get it into those. But in essence, the genesis of that product came because a lot of our existing clients were using our Bitcoin back loan to buy houses in cash. And essentially, they kept coming back to us because a lot of Bitcoiners are very Bitcoin wealthy, but they don't, in the eyes of a bank, they're not necessarily that wealthy because the bank doesn't treat Bitcoin as an asset. And so because so many Bitcoiners use us for”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And you can now, we have savings accounts in both USDC and Bitcoin, and you can move between Bitcoin and USDC to control your exposure to one or the other as you want.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A very simple concept. So we let people place their Bitcoin as collateral so they can borrow dollars against it and not have to sell their Bitcoin. And you can think of it in very simple terms as a mortgage for your Bitcoin. It is a loan that you get. You're still the owner of that Bitcoin. The value of that Bitcoin is your appreciation or loss like any kind of gain or change in the value of that asset is still yours. And all we're doing is we're just allowing you to finance or access financing based on the value of that asset. That is our flagship product. That is our Bitcoin back loan. It is our most popular product today. And those funds can be advanced in cash or stablecoins or USDC if you want. We also let people earn interest on the Bitcoin they already have. So it's our Bitcoin saving account and that just pays you an interest rate for having the balances. We lend it out to institutions and we collect the spread.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You start seeing all these gaps and discrepancies around pricing and around events, and they make you start questioning. It makes you start asking yourself how money works. And eventually, some people get to the answer that says, oh, they just printed. And when you have people making themselves collectively making that realization, well, if your cost of borrowing is lower than inflation and you know they're printing it to no end, it makes complete sense to borrow and buy. borrow and buy an asset that is And I think to your point, that's a lot of the behavior you're seeing today. Everything's overpriced, but it's not going to get better.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In a place like people like Venezuela, people like Argentina, people like Turkey, we have seen our dominoes fall. We have seen money die. And what I think is fascinated about the way fiat is structured and inflation is structured is that I compare this to the boiling frog analogy. So you know this metaphor or this analogy where the frog, if you gradually increase the temperature or the water of the frog, it'll boil because it won't notice that it's getting hot. But if you jack up the temperature, it jumps out. I think the same is true for a fiat system and inflation. When you have inflation at 2% to 3%, the frog is slowly boiling. It's just sitting in a jacuzzi thinking, no issue, right? It's just the water's just a little bit hotter, a little bit hotter. But what happened with COVID and what happens in places like Venezuela, when typically this happens because of a political event or some big crisis, is all of a sudden you inject this massive amount of cash into the economy.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Way I see this and the way I explain it to other people is basically feat money is structured in a similar way, but it's structured as a series of dominoes that fall back into the reserve domino, which is the US. The latter dominoes on the pile have never even shaken. Like the idea that this currency can be broken doesn't even cross the minds of most Americans or Europeans, frankly.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Because eventually assets get priced out of your reach. And so the idea of getting there with honest work breaks. And personally, that's why I think the middle class is such a mesh for a society because the middle class is that reachable place for anybody that feels like they want to climb up. And when the middle class disappears, which is the first class to go when the catalyon takes on, that breaks this continuity of society. Basically, the breach becomes too far from one end to the other and people start thinking about not honest work. They start thinking about quick ways of absurd amounts of leverage, going through loops and bounds to try to get something that can 10x. And you start getting into this behavior that's very short-term, almost very Irrational.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“100%. And the crazy part is Venezuela doesn't have an equity market that's popular amongst its people. So what you ended up seeing was actually largely vehicles, cars, people would rave about buying a car, driving it for four years and selling it at a profit in Bolivia terms. And so the prices of assets just started getting completely out of whack in Bolivia terms. Anything that was a non-perishable, you know, at first it started with the highest quality asset, but when the capital controls came in, it went to cans of tuna. It went to rice. It went to things basically, it sends people back to the bartering system. And so you definitely see the currency breaks. And as more and more money gets injected into the economy and gets distributed more arbitrarily, this idea that you could make money through honest work disappears.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Up with so many questions in a system that's so broken. And I always thought that I grew up in an entrepreneurial family, but that was an entrepreneur. So I wanted to have a business as well one day. And to me, trying to get something is to understand how that works. And to me, that was the case with money. I said, well, I can't really want to even seek out to make money if I don't know how money works and what is money. And Venezuela, it's a very hard question to answer. And it just keeps coming up with more questions, which eventually led us to Bitcoin.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I got the privilege, I would say, to do my university in Canada. Once Venezuela kind of started falling off a cliff for lack of a better description, many families chose their most willing kid to go study abroad and hopefully help the family if things went south. And I volunteered in my family, and that's how I wound up in Canada with Adam. And we always used to joke around, even as we were friends at university about how two people with such different backgrounds became such good friends because we actually joked at how different our upbringings were, yet a lot of our values and a lot of the things we liked were so similar. And so to us, that was always really interesting. And for me, what prompted me to do finance, which is what the undergrad program that Adam's actually doing joint engineering and finance program at Ivy, and I did my finance program and then went back for my master's. My obsession really with money came from growing up in Venezuela because you just go.”
2021-12-29 · We Study Billionaires · BTC058: Bitcoin Real Estate Loans w/ Mauricio Bartolomeo & Adam Reeds (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT