exactly my point... the only use case for bitcoin collateral based fiat lending is exactly capex that you expect to make better than the interest rate you get charged in a 2-3 year time window, and i woud add to that, only a year after halving and for the next 1-2 years after that is actually a bad time to do it, it only makes sense to loan out your bitcoin to a lender during the flat periods when your straight gains on your illiquid capital are going to be lower than a reasonable estimate of your positive cash flow from your enterprise

and i would further say that if your enterprise is overladen with costs already you get a bigger benefit from dropping staff, or freezing hiring than anything else during those times. the biggest business cost is people, and then just below that is regulatory uncertainty and taxation.