Bitcoin Mortgage: A $6.6 Trillion New Blue Ocean

The director of the Federal Housing Finance Agency, Bill Pulte, recently issued a significant signal, requesting Fannie Mae and Freddie Mac to study the inclusion of cryptocurrencies such as Bitcoin into the mortgage assessment system. This statement caused a dramatic market reaction, with Bitcoin's price rising nearly 2.87% within 24 hours, breaking back above $108,000.

Bitcoin is transitioning from a stock asset to a financial instrument that can influence the credit system. What impact will this Bitcoin mortgage have on the dollar system?

Does Bill Pulte's words count?

Bill Pulte publicly called out Fannie Mae and Freddie Mac on social media, urging both companies to get ready. As the chairman of FHFA, Pulte holds a "supervisory" board position in both companies and has implemented significant personnel and structural reforms since taking office in March 2025, relocating several directors from the two major institutions, appointing himself as chairman of the board, and firing 14 executives for a complete reorganization.

Pulte's personal background makes this news even more significant. As the third-generation leader of the third-largest residential construction company in the United States, he is also one of the earliest federal officials close to Trump to publicly support cryptocurrency. As early as 2019, he advocated for the charitable development of crypto assets on social media and revealed that he personally holds a large amount of Bitcoin and Solana.

Disagreements Within the Government

There is a clear divide within the government regarding the introduction of crypto assets into the housing finance system. The U.S. Department of Housing and Urban Development (HUD) is also exploring the use of stablecoins and blockchain technology to track federal housing subsidy funds, but has faced fierce internal opposition. Some officials believe this could trigger a crisis similar to the subprime mortgage crisis of 2008, with some even calling it "like giving out money with Monopoly game tokens."

Currently, some platforms offer mortgage products backed by Bitcoin, but due to the inability to securitize the loans and sell them to Freddie Mac and Fannie Mae, the loan interest rates are high and liquidity is restricted. Once Bitcoin is incorporated into the federal mortgage underwriting system, it will not only lower borrowing rates but also mean that holders can release leverage effects, shifting from "HODL" to "building family asset allocation in the United States."

What are the provisions of the new FHFA directive?

The FHFA's Decision No. 2025-360 requires Fannie Mae and Freddie Mac to consider cryptocurrency as an effective asset for borrowers' wealth diversification. The directive requires both companies to develop proposals to incorporate cryptocurrency into the borrower reserves in their single-family mortgage risk assessments. Additionally, the directive states that the companies should directly calculate cryptocurrency holdings without needing to convert them into U.S. dollars.

The FHFA has established clear "guidelines" on which cryptocurrencies meet the eligibility criteria. Only assets issued on U.S. regulated centralized exchanges and fully compliant with relevant laws are eligible. Enterprises must include risk mitigation measures in their assessments, including adjustments based on known cryptocurrency market volatility and appropriate risk reduction based on the proportion of cryptocurrency reserves held by borrowers.

What does this actually mean?

The institutional construction of Bitcoin mortgages is not only of great significance to the crypto community, but it will also release unprecedented asset conversion power to traditional finance, opening a positive cycle path that can release the purchasing power of BTC without destroying the existing financial system.

The financial order anchored by Bitcoin is penetrating from top to bottom, and Bitcoin's identity has evolved from "digital cash" to "electronic gold" and is now about to become a "credit medium", providing a new way of capital organization for traditional finance. This architecture of "decentralized assets + federal-level credit tools" is challenging the deepest design logic of mortgages.

In the future, when Fannie Mae and Freddie Mac truly accept Bitcoin as part of their underwriting model, perhaps a new financial paradigm and ecosystem will soon be born. What Bitcoin represents will no longer just be a store of wealth, but a new leverage that can impact housing, taxation, credit, and even national governance.