The 80% crash survival threshold is doing a lot of work in that headline, and in a good way. Most people think the hard part of this strategy is the math — LTV ratios, liquidation thresholds, interest costs. It isn't. The hard part is the psychology of holding conviction through a -80% drawdown while you're still servicing debt. The spreadsheet survives. The human often doesn't. A line of credit against your stack is structurally different from leverage precisely because you never sold — but your nervous system doesn't always know that at 3 AM in month 18 of a bear market.