Bitcoin critic Peter Schiff has warned that a new mortgage product backed by crypto collateral could expose lenders to higher default risks.
His comments came as Better and Coinbase rolled out a plan allowing borrowers to pledge Bitcoin instead of selling it for a home deposit.
Bitcoin-Backed Mortgages Spark Debate
On March 26, Better and Coinbase announced a partnership to launch mortgages backed by digital tokens and tied to Fannie Mae standards. According to a press release, the product will allow borrowers to use their Bitcoin or USDC holdings as collateral for a down payment without having to liquidate them or triggering taxes.
According to Better, which describes itself as the first AI-native platform for mortgages and home equity financing, the offering will target millions of Americans who hold crypto but are struggling to save cash deposits. The company also pointed out that borrowers will not face margin calls if BTC drops, and collateral would only be liquidated if payment d
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