Borrowing against it makes more sense in theory, you get to keep the BTC, access liquidity, repay the loan, get your BTC back.
I dont see right or wrong in this. Depends of the personality of the investor. Who has more bold profile can feel comfortable in take loan using Bitcoin as guarantee to seek bigger returns. Already who is more conservative prefer avoid this type of risk. The two paths can work or go wrong. In the end, weighs more the risk bias of each one.
