Paris Blockchain Week: Ulloa’s Provocation
At the Paris Blockchain Week during the “hold-borrow crypto strategy” speech, Cristian Ulloa (CEO of Liquid Loans) presents a clear thesis — and contrary to the most widespread mantra in the sector:
“Wealth in crypto is not built by selling.”
The message is as simple as it is radical:
most investors miss opportunities not because they choose the wrong assets, but because they sell too early.
The Real Mistake: Selling at a Profit
During the keynote, Ulloa emphasizes a key point:
The problem is not what you buy, but when you sell
According to his statement:
- selling means losing upside exposure
- sales taxes are often triggered
- one enters a timing dynamic that is difficult to sustain
And above all, a psychological theme emerges:
the regret.
Ulloa shares the experience — common in the industry — of having sold an asset before a significant bull run:
- exit the market
- one watches the price rise from the outside
- the long-term potential is lost
“Hold Borrow Build”: the alternative strategy
The heart of the speech is a precise strategy:
Hold. Borrow. Build.
Instead of selling assets to obtain liquidity:
- they hold (hold)
- are used as collateral
- liquidity is borrowed (borrow)
- value continues to be built (build)
The idea is to unlock value without relinquishing the asset.
How It Works in Practice
The mechanism described is typical of DeFi:
- crypto deposits as collateral
- lock assets in a protocol
- obtain liquidity through loans
According to Ulloa, this allows to:
- do not sell the position
- maintain market exposure
- avoid taxable events (depends on the jurisdiction, but the point is raised in the speech)
The Example on ETH: Sell vs Borrow
The speech includes a concrete example:
- buy ETH at a low price
- the value increases significantly
- you need liquidity
Classic scenario:
- sell part of the ETH
- lose exposure
- potentially pay taxes
Alternative Scenario:
- ETH blocks as collateral
- borrow liquidity
- hold the position
Result:
access to capital without exiting the market
The Comparison with Banks
Ulloa directly contrasts DeFi and the banking system:
Traditional Banking:
- credit checks
- bureaucracy
- centralized approval
- interest
DeFi (according to the speech):
- no intermediaries
- no credit check
- access via smart contract
- code-based system
The key concept:
“you don’t ask for permission, you use your asset”
The Real Risk: Liquidation
The speech also addresses the topic of risk.
Every protocol has a security threshold:
- cited example: approximately 110% collateral
- if the value drops → potential liquidation
This means:
- a portion of the assets can be sold automatically
Ulloa emphasizes that:
- it is a real risk
- but manageable
How?
- conservative loans
- collateral monitoring
- addition of collateral
The Shift in Mindset: From Trader to Builder
One of the most powerful parts of the speech is the shift in perspective:
“Are you playing like a trader or building wealth?”
According to Ulloa:
trader mindset:
- chase the price
- sell for profit
- market timing
long-term mindset:
- accumulate
- use collateral
- build over time
The Real Estate Analogy
To clarify the concept, a metaphor is used:
- real estate investors do not sell properties
- use equity to raise new capital
- build portfolios over time
The same principle, applied to crypto:
“Wealth is not built by selling”
The summary of the speech is very clear:
- sell = exit the market
- hold + utilize = remain exposed
Ulloa insists on three final takeaways:
- stop thinking of crypto as something to sell
- use existing tools in DeFi
- move away from purely speculative logic
Conclusion
The keynote by Cristian Ulloa brings a narrative increasingly present in the DeFi world:
Crypto is not just trading, but strategic capital management.
The proposal is simple yet powerful:
do not sell the assets use them as collateral build for the long term
And the speech “hold-borrow crypto strategy” concludes with a direct message:
“Don’t sell. Hold. Borrow. Build.”
