There already are Bitcoin backed loans offered by both decentralized services (like Aave, Compound, Maker etc) and centralized services (like BlockFi, Celsius etc). They get real usage. Aave, Compound and Maker have $17B worth of crypto deposited in them as collateral. BlockFi has a $2.85B valuation.
>$17B worth of crypto.
Ah, so there are Bitcoin "backed" loans but they are denominated and paid in dollars. The supposed "value" of Bitcoin in dollar terms is what serves as collateral for these loans.
Here is a hint: price does not equal value, especially when it is as volatile as BTC price is. So essentially these are unbacked loans...
If BTC eats the dollar in the future, e.g. under USD hyper inflation, then BTC x USD creditors are still screwed like all other creditors lending dollars. Their debtors will be able to pay the loan back with depreciating dollars.
Skin in the game > debate
Betting on a short (even more against BTC) is a very different proposition than staying long on it, they have very different risk and losses profiles.