How to implement Mark Moss' strategy of borrowing against your Bitcoin to fund your living expenses every year without paying the loan off?

Mark Moss, has been promoting a retirement strategy to retire off your Bitcoin in as little as 5 years. Here's a recent video from him on this: https://youtu.be/0dbBQyIGT_4?si=B58k3GudgvpPCPf8

Basically you build up your Bitcoin holdings to reach about $1,000,000 then borrow about $110k or about 10% of your Bitcoin value in your first year of retirement to fund your living expenses of $100k for that year and pay off say, $10k in interest . In the second year, you borrow an additional $125k to pay the interest on $235k and have $100k to live on in the second year. Then just repeat this every year onwards. So your total loan amount increases every year but that's ok since the value of your Bitcoin goes up faster than the loan amount as a % of your Bitcoin holdings. Any loaned amounts are tax free since it's debt and you're not selling any Bitcoin. As your Bitcoin value grows higher you can borrow more to have more than $100k for annual living expenses. This seems to make sense to me. Anyone see flaws in his reasoning?

If safe and reliable Bitcoin lenders with good interest rates are hard to find, then an alternative could be to buy Bitcoin ETF units instead of Bitcoin. My margin trading account lets me borrow cash against my ETF holdings. And the interest rate is the prime rate in Canada which is now 4.95% which is probably much lower than most Bitcoin lenders' rates. And no one has my Bitcoin keys. Just have to maintain your margin capacity in the case of a Bitcoin price decline. But if the loan amount is no more than about 10% of the value of your Bitcoin ETF holdings, you should be fine.

These approaches seem better than borrowing with a home equity line of credit or mortgage since with a home equity loan or mortgage, you're limited to a maximum loan amount which doesn't increase as the value of your Bitcoin holdings increases (it's a lot more hassle to refinance a mortgage if the value of your home goes up).

Any criticisms are welcome as I want to stress test this idea before committing to it. Am I missing something?