Crypto: “Never Sell”. Ulloa’s Hold-Borrow Strategy

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:

1. crypto deposits as collateral
2. lock assets in a protocol
3. 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:

1. stop thinking of crypto as something to sell
2. use existing tools in DeFi
3. 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.”