It is because the people providing capital right now actually have to have the money to lend it out. In all honesty, 13% is charity when they could be just buying Bitcoin and getting 50% instead. What needs to happen is getting the banks, who can lend money into existence, on board. That’s when you’ll get something closer to a mortgage or commercial lending rate with maybe some discount below those rates because of the pristine nature of the collateral. 

 I feel like we have to be close to this 

 The reserve requirement for commercial banks is the final piece. Biden surprisingly vetoed changes to the requirement earlier this year despite it going through the house and the senate. Until that shoe drops, we will be stuck in this interim period. The central bankers know that that is basically game over. Not sure how they got to the Biden admin this time around, but it’s going to be a battle.