Yes, but it doesn't matter for a bike. Riding it is not going to crumple that amount of rebar.
Overall, I really liked this as an art project. I'm not sure what the artist wants to communicate with the bike, but I found it very satisfying.
"I paid a lot of money for an architecture degree I'm not using."
Sorry for being negative about an art project. I think I was projecting my own biases, but it sounded like an engineering project and then I didn't learn anything.