Playing devil's advocate here, rare assets tend to slowly increase in value over time without retracing the same way that markets do. It wouldn't be typical for a classic car to lose 70% of its value over the span of a year, so I can see why he would hold this position. However, not holding any Bitcoin is a mistake.

I'm the kind of degen that will still get in and out at what I consider optimal positions to maximize my stacking, which I know isn't for most Bitcoiners.