There will always be some risk, but I don't know what that guy was doing by not locking in some profits. It doesn't seem like a good idea to put all that money into one bag. Making that much money required quite a bit of work so I guess he was just too overconfident.
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I agree that he got too overconfident. His name on Twitter is James Wynn, and I forgot his handle now. Funny thing is that everyone seems to be laughing at him for losing all that generational wealth.