What I'd say to this guy. Is the Dunning-Kruger effect is one of the most important aspects of investing and I would point any person who's experienced a windfall type return in a speculative investment where on foot of that windfall they feel some level of expertise has been achieved...maybe it has or maybe it hasn't:
https://en.wikipedia.org/wiki/Dunning–Kruger_effect
The difference between a professional investor and a amateur one - is not how much money one can make when they are right (or lucky) but rather how much they lose when they are wrong (or unlucky). The math of losing money is a brutal - you experience a 50% permanent loss of capital you now require an alternative investment to double in value just to get back to break even. Finding doubles where you are not exposing yourself to large amounts of risk are very hard to find. Perhaps an index fund might, might return 10% p/a...but good luck....your now waiting 7yrs to get back to zero.
The world is full of investors, crypto and otherwise, who were lucky three times or even four times in a row and got killed on their fifth outing. Zero by way of a hundred is very common outcome for a retail investor who thinks they know what they're doing for a while precisely because they don't know, what they don't know.
Investing in the very short run is a mixture of luck and skill over the long pull it tilts aggressively to skill. Some are smart, realize their good fortune and have a Dunning-Kruger epiphany and do the hard work of acquiring the skill of investing, risk management, knowing where you have an edge or where you do not...others, more rarely, cash in their windfall and leave happy realizing their good fortune relative to their skill level and knowing that they have no interest in truly becoming expert...others, more commonly, reveal themselves to be what they always were......congenital gamblers who were unknowingly on a roll but mistook it for expertise/insight they didn't actually have.
The truly skilled investor risk manages his positions and is unforgiving around managing the downside and cutting off the tails and most importantly only playing in games where he/she has an edge. If you've made three million in crypto and are still 100% in crypto despite all the evidence of counterparty risk, volatility, market structure problems, collapses, rug pulls, lack of disclosures, insider trading, acutal liquidity vs. perceived liquidity, market manipulation you've failed a very important test of risk management at the first inning. Perhaps you'll get away with but my bet is you won't.
Put more simply
ZERO by way of three million awaits every man who stays at a poker table where they have no edge or in the casino where the croupier is pocketing his carry on each spin of the wheels.
Crypto most resembles a casino to me - so little economic value is being created in consumable goods and service that people are paying for (16yrs in now....not a single product or service I use or my company uses directly or tangentially is underpinned by blockchains or tokenomics).......the product being provided here is digital speculation pure and simple......for which various brokers/exchanges/token & white paper promoters will take first all the initial investment and then two or perhaps even 3% transaction fee on an on-going basis until all the money is gone....in zero sum games where no overriding economic value is being created....the only winner, over the long pull, is the croupier. This crypto three millionaire needs to realize that.