Not only that, but it is an executable x86 program written in a printable subset of x86 instructions (so no self-modifying code), as noted in the section 3 with a comparison to the similarly printable EICAR anti-virus test file.
Yes. This is nuts (in a good way). I remember the first time I saw the video on youtube and the author was going through how he's going to do this with only printable chatacter and i had a "no fucking way" moment followed by being in awe at the solution that was found.