This is the correct answer.

It is also typically cheaper to pay the APR than it is to pay cap gains.

13% APR on 100k loan @ 50% LTV means put down 1.818 BTC for the 100k disbursement. Total interest on the 1 year loan is $7,180.73. Loan interest payments are also tax deductible.

If you sold .91 BTC to get the 100k cash then you would owe 15% of your gain. So if your cost basis was less than $52,000 you would pay more in cap gains than interest.

If you took a loan against your sats one year ago exactly you would be up 75%, and that’s the real reason why people borrow against their stack vs selling.