So long as there are people who need fiat yield, this product is going to get much much bigger. There will be an interesting inflection point as permission to deal in “crypto” goes up, eating at the availability of fiat liquidity available for such loans which has a countervailing affect on the loan interest. In other words, the more palatable just buying and holding bitcoin gets by former fiat liquidity providers, the higher yield they will want from lending fiat liquidity rather than just buying bitcoin. I’m picturing a really strange parabola.