Legal Tender: Check! Bought the dip: Check! Bitcoin Bonds: Check! BTC loans for businesses? Watch this space!
It’s full steam ahead for El Salvador’s Bitcoinization. The next point on the orange agenda is in providing low-interest loans backed by Bitcoin to small and micro-businesses.
El Salvador has roughly 1.2 million businesses in the country. Roughly 66% are micro-businesses or “subsistence” businesses. Over 90% of micro-businesses are self-funded via informal loans or loan sharks. Ultimately, the interest rate provided by BTC-backed loans would be lower than that of informal lenders, loan sharks, and banks., a DeFi lending protocol shared that “some crypto enthusiasts in El Salvador are already using crypto solutions such as Defi as they offer an ease of use and a higher interest rate than banks.”Alessandro Cecere, Community Manager for Ledn, a Canadian Bitcoin company also participated in the discussion. Ledn recently launched BTC-backed mortgages.
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