When I explain the logic of hedging and mitigating risk and locking in gains, he was insistent that the right strategy is to hold because it's going to go up some more, and he doesn't need the money now for any of his current objectives.
Come to think of it, I should at least consider that he's making it up, but I've met him several time and he's well versed in crypto and way ahead of the curve in learning about this stuff. Who knows?