BITCOIN LENDING RESMI MASUK ERA INSTITUSIONAL. 🔥
Dulu banyak yang teriak, "Bitcoin cuma buat spekulasi." Sekarang? Bank-bank besar Amerika mulai buka fasilitas pinjaman dengan jaminan Bitcoin.
Silicon Valley Bank bilang pasar Bitcoin lending sudah bangkit dari kehancuran 2022 dengan fondasi yang jauh lebih kuat. Kenapa?
• Manajemen agunan jauh lebih ketat.
• Transparansi makin tinggi.
• Underwriting lebih disiplin.
• Leverage liar mulai ditinggalkan.
• Rehypothecation aset pelanggan yang dulu bikin Celsius, BlockFi, dan Genesis ambruk sekarang jadi pelajaran mahal.
Total pasar pinjaman berbasis crypto sudah tembus US$67 miliar, naik 49% YoY. Ledn bahkan memperkirakan pasar pinjaman BTC yang saat ini sekitar US$3 miliar berpotensi meledak menuju US$1 triliun dalam 10 tahun kalau adopsi terus berjalan.
Logikanya sederhana. Kalau harga Bitcoin terus naik, kenapa harus dijual? Investor cukup menjaminkan BTC, dapat likuiditas buat bisnis, investasi, atau kebutuhan lain, sementara aset utamanya tetap dimiliki. Lebih efisien secara pajak dibanding menjual kepemilikan. Bahkan transaksi sekuritisasi senilai US$188 juta milik Ledn berhasil memperoleh investment-grade rating, sesuatu yang beberapa tahun lalu dianggap mustahil.
Saat ini bunga pinjaman BTC memang masih sekitar 7,5%–16% APR, tetapi SVB memperkirakan bunga akan terus turun seiring masuknya bank-bank besar dan private credit fund ke industri ini. Strike bahkan sudah menawarkan pinjaman mulai 7,5% untuk pinjaman besar yang didukung fasilitas kredit US$2,1 miliar.
Dan ini baru permulaan. Kalau Lightning Network semakin matang, proses transfer agunan, margin call, hingga likuidasi bisa berlangsung hampir seketika dengan biaya sangat rendah. Artinya pasar Bitcoin lending bisa menjadi jauh lebih efisien dan semakin terintegrasi dengan sistem keuangan global.
Dulu mereka bilang Bitcoin tidak punya nilai. Sekarang mereka meminjamkan uang dengan Bitcoin sebagai jaminannya.
Perbedaannya cuma satu: yang dulu menertawakan, sekarang mulai ikut bermain.
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