Podcast Summary: THE Bitcoin Podcast

Episode: How to Escape Hyperinflation & Short Fiat With Bitcoin | Mauricio Di Bartolomeo

Host: Walker America
Guest: Mauricio Di Bartolomeo (Co-founder, Ledn)
Date: September 2, 2025

Overview

In this episode, host Walker America interviews Mauricio Di Bartolomeo, co-founder of Ledn, about the realities of living through hyperinflation in Venezuela and how Bitcoin provided a lifeline. Mauricio shares gripping personal stories that illustrate the power of Bitcoin as a tool for financial survival, how he and his family navigated political and financial turmoil, the founding of Ledn, and why responsible Bitcoin-backed lending is fundamentally different from failed lending platforms of the past. The conversation covers sociopolitical parallels between Venezuela and current Western countries, risk management in Bitcoin lending, and Bitcoin's increasing integration into global finance.

Key Discussion Points & Insights

1. Living Through Hyperinflation in Venezuela

[00:00 - 12:00 | 20:22 - 43:40]

• Hyperinflation Explained: Mauricio details how Venezuela’s inflation escalated from already high triple-digit rates to an uncontrolled, incomprehensible situation:

  “Venezuela is running on average like 172% inflation year over year. That’s normal for us. At that point it went…to thousands of percent, millions of percent. It was incalculable.” (Mauricio, 00:00)

• Daily Life During Hyperinflation:

  • Getting paid on Friday and watching it lose value daily.
  • Barriers to obtaining stable currencies or even trustworthy cash due to government controls and rampant counterfeiting.
  • Escalating government crackdowns: eliminating independent financial data, shutting down exchanges and economic indicators.

• Bitcoin as a Lifeline:

  • Mauricio’s younger brother insisted on mining Bitcoin in Venezuela, seeing it as the only viable business idea.
  • Despite fears and risk, Bitcoin mining became a way to escape the crumbling economy and access untouchable, international, hard money.

  “He wanted to buy bitcoin miners to mine in Venezuela…The output was this asset that you could sell in an international market at fair prices, untouchable and uncontrollable from the Venezuelan regime.” (Mauricio, 20:23)

• Crisis Story:

  • Government raids and extortion targeted Bitcoin miners. The family’s mining equipment was seized, but their Bitcoin, held out of government reach, provided the means for a dramatic escape from the country.
  • Emotional toll and real-life danger for anyone speaking out or even holding non-state-approved assets.

Memorable Moment:

“The only thing that wasn’t written off was his bitcoin. Thankfully we had enough…that he had enough of a base to start from again.” (Mauricio, 39:00)

2. Political Polarization: Parallels Between Venezuela & The West

[04:25 - 08:06]

• Societal Division:
  Mauricio observed patterns in Venezuela’s descent into polarization—politically manufactured “us vs them” rhetoric, rising extremism, and institutional erosion—and warns of similar signs appearing in Western democracies.

  “We end up picking people that are even more and more polarized on either side…eventually, the pendulum stops swinging…democratic entities get crippled.” (Mauricio, 05:04)

• Bitcoin as a Centrist Solution:
  Both agree the Bitcoin community must resist political sides and focus on making Bitcoin robust beyond any administration.

  “Bitcoin is going to outlast this administration and the next…we should try to build this as anti-fragile, as a sort of administration-proof as we possibly can.” (Mauricio, 07:08)

3. The Appeal & Mechanisms of Bitcoin in Emerging Markets

[28:57 - 32:19]

• Demand for Preservation of Value:
  Venezuelans were forced to learn the hard way—fiat loses value fast, dollars are hard to get, and cash is dangerous and often counterfeit. The only semi-reliable “dollarization” initially arose via Bitcoin, long before stablecoins.

  • Even a minor appreciation in Bitcoin vs. the dollar was life-changing.

  “Venezuelans…have never seen an investment go up in dollar terms. I know this sounds crazy to some people, but to most of the world…the dollar doesn’t devalue, right?” (Mauricio, 29:56)

• Organic, Viral Spread:

  • P2P networks grew rapidly as people sought ways to protect their pay and move money out.
  • Mining and trading provided a real alternative for wealth preservation and cross-border payments.

4. Founding Ledn: From Mining to Bitcoin-Backed Lending

[46:18 - 52:44]

• The "Aha" Moment:
  Mauricio and his co-founder noticed a critical unmet need: Bitcoin miners had Bitcoin revenue but fiat expenses, and didn’t want to sell their Bitcoin, especially as it appreciated.

  “This idea of holding the currency that is not getting debased and borrowing the thing that is getting debased does very well financially..." (Mauricio, 46:31)

• Birth of Canada's First Bitcoin-Backed Loans:
  After facing refusal from traditional banks, they built a business model focused specifically on simple, overcollateralized, transparent Bitcoin-backed loans.

  "We never chased the shiny light and we always just stay true to our view: if bitcoin does what we believe…it’s enough. Be the best at that.” (Mauricio, 52:46)

5. Why Ledn Survived the Lending Crash (BlockFi, Celsius, et al.)

[53:30 - 61:46]

• Key to Survival:

  • Rigorous risk management, never rehypothecating collateral, no native tokens, and real Proof of Reserves.
  • Focused solely on conservative LTV lending, unlike others who took high-risk bets (e.g., unsecured lending to bad counterparties, asset liability mismatches).

  “None of the companies that went under had Proof of Reserves, not one…At Ledn…everything is transparency.” (Mauricio, 56:56)

• Quote:

  “Everyone can be a lender when the market’s up and to the right…The quality of a lender is defined by how they perform when things go south. That’s Ledn’s name…” (Mauricio, 61:46)

6. The Future: Competition, Regulation, & The Financialization of Bitcoin

[67:00 - 90:04]

• Banks Entering the Space:

  • Mauricio expects banks to enter, but sees Bitcoin-native firms as having a lasting edge due to experience, global reach, and transparency.

  "Banks are not coming, they're here. Like, they're already here...but they can't match the global, 24/7, bitcoin-native experience." (Mauricio, 67:55–69:00)

• Equalizing Global Opportunity:

  • Bitcoin collateral allows people everywhere to get the same loan terms, something no fiat system ever offered.

  "Asset backed lending has been unfair and uneven since the creation of fiat...That didn’t exist until Bitcoin." (Mauricio, 71:38)

• On Regulation & A Pathway for Super-Apps:

  • Advocates for clear, unified frameworks enabling companies like Ledn to operate efficiently, instead of a patchwork of state-by-state rules.
  • New US moves (e.g., SAB 121 repeal, consideration of Bitcoin as an asset for mortgages) are positive but don’t replace pure asset-backed lending.

  "Why are we making life so hard for these companies? Let's make one framework...and you get more than one product." (Mauricio, 81:40)

• Bitcoiners' Ethos vs. Legacy Finance:

  • Deep skepticism remains toward legacy banks entering the space; self-custody and ‘don’t trust, verify’ prevails.

  “You know JP Morgan comes out with it and it’s like, yeah…well, kindly fuck off…No, absolutely not.” (Walker, 85:31)

• Growth Mindset:

  • Mauricio is energized by the challenge and embraces competition, seeing more entrants as validation rather than threat.

  "There is no world where Ledn does well and our clients don't do well. We do well because our clients do well." (Mauricio, 89:44)

Notable Quotes & Timestamps

• "Venezuela is running on average like 172% inflation year over year. That’s normal for us. At that point it went…to thousands of percent, millions of percent. It was incalculable."
  — Mauricio, [00:00]

• "Bitcoin is going to outlast this administration and the next…we should try to build this as anti-fragile, as a sort of administration-proof as we possibly can."
  — Mauricio, [07:08]

• "He wanted to buy bitcoin miners to mine in Venezuela…The output was this asset that you could sell in an international market at fair prices, untouchable and uncontrollable from the Venezuelan regime."
  — Mauricio, [20:23]

• "The only thing that wasn’t written off was, was his bitcoin. Thankfully we had enough…that he had enough of a base to start from again."
  — Mauricio, [39:00]

• "Everyone can be a lender when the market’s up and to the right…The quality of a lender is defined by how they perform when things go south. That’s Ledn’s name..."
  — Mauricio, [61:46]

• "Asset backed lending has been unfair and uneven since the creation of fiat...That didn’t exist until Bitcoin."
  — Mauricio, [71:38]

• "You know JP Morgan comes out with it and it’s like, yeah…well, kindly fuck off…No, absolutely not."
  — Walker, [85:31]

Important Segment Timestamps

| Timestamp | Segment Description | |------------|-----------------------------------------------------------------------| | 00:00 | Mauricio describes hyperinflation and its human toll | | 05:04 | Parallels between Venezuela’s and US political division | | 20:23 | Mining Bitcoin in Venezuela as survival strategy | | 28:57 | Hyperinflation’s effect on individual wealth; viral adoption of BTC | | 39:00 | The family’s dramatic escape, only possible because of Bitcoin | | 46:18 | Founding Ledn—first in Canada, early Bitcoin-backed loans | | 53:30 | Why Ledn survived lending platform collapses | | 67:55 | Discussion on the future: banks, regulation, competition | | 71:38 | Bitcoin as global equalizer for loans and asset-backed lending | | 81:40 | Regulatory clarity, US “superapp” proposal | | 85:31 | Bitcoiners’ trust in Bitcoin-native providers, not legacy banks |

Tone & Style

• Conversational, direct, often humorous with self-deprecating asides.
• Emphasis on real-world hardship, resilience, and practical strategies.
• Strong focus on ethos: self-custody, skepticism of institutions, community learning, and integrity in lending.

Useful For

• Listeners seeking a real-world understanding of hyperinflation and Bitcoin's practical utility
• Bitcoiners concerned about security and responsible lending post-BlockFi/Celsius
• Entrepreneurs or finance professionals interested in building anti-fragile crypto businesses
• Anyone curious about how Bitcoin is leveling the playing field globally

Conclusion

A powerful, personal, and actionable look at how Bitcoin truly changes lives, not just in theory but in life-or-death situations. Mauricio’s story adds human context to the Bitcoin narrative, underlining its role in preserving wealth and freedom amid chaos. The episode also demystifies Bitcoin-backed lending, highlights the pitfalls of irresponsible business models, and provides a credible vision for a future where Bitcoin is a global standard for finance—accessible, transparent, and fair.

To learn more or connect with Mauricio:

• Leden.io
• Twitter/X: @cryptonomista
• DMs open for questions

Host: Walker America — @WalkerAmerica on X / Bitcoinpodcast.net