It sounds like a nice idea but I am a bit skeptical about really wanting to use BC as collateral. As an asset, it's great but sometimes I wonder if just HODLing the BTC due to the tokenomics is better.
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My point of view is more or less on the worst case and I prefer not to use leverage at all due to the dangers. Even when I do use leverage, I make sure that I am covered and have a plan in place.
We all know BTC should go up in price but there is no guarantee of it forever. After all BTC could just dip and not move from that price for a year. Then you have to pay off the interest and you might just sell out if you are relying that as your source of income.
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