Mortgage is collateralized and 7%. There is no margin call op for the lender. The premium over fed funds is to compensate for the lender risk and costs associated with liquidation.

Bitcoin backed loans at 12% is collateralized and has margin call protection and *instant and nearly free* liquidation.

This rate delta should shrink rapidly.

If Mallers gets single digit rates it’s a good start. It should be lower than mortgage rates within a year, and the investment premium on real estate should shrink as well.

This is all the result of greyscale winning the lawsuit against gensler.