Bitcoin Mining - Is That Really What Caused the Bitcoin Bubble?

I was hearing stories of miners borrowing money from now defunct Celsius and using miners themselves as collateral. How does that even work? Why did they even accept those types of agreements? It was absolute absurdity. Is that really what caused this huge blow up at the end, right? This cascading effect of all these companies going under? Well, I don't think it caused that. And look, if you have a company that has too much leverage and that finds itself in default or in bankruptcy and reorganization, it's definitely the equity holders who are suffering.