This is the biggest drop for a long time. Baron should buy now. At least the drop was bigger then ever before. If buying after a 10% drop is an opportunity, a 66% drop must be a once in a lifetime event/opportunity. But BTC can go much lower too. So for a hodler this moment can be the start of a very profitable move... or it can wipe out his total investment.
His average price is (BTC) $51,000. Today he can buy with a 60% discount. Because he buys much lower his potential for profit is much bigger. So the Risk/Reward ratio is much better. All his buys appeared to be falling knifes, but this one has more potential and less risk as he can only lose $20,000 per coin. And he does not have to go above $51,000 (that's 250% of the actual price) to make some profit. $20,000 is enough now for this position at least. All catching knifes are different, so you can not assume that they are identical.
The Bit Short: One financial firm — the Bethesda, Maryland-based ProShares — is now effectively allowing investors to bet against the bitcoin craze, with its Short Bitcoin Strategy ETF soon to trade on the NYSE. Hey Matt Damon, how do you like them apples?
I'm surprised someone like Baron would have gotten caught up in that Crypto/Bitcoin hype train wave. He has seen the Dot Com hype train already, and the Housing hype train, and every other smaller hype trains in between. I thought there were only two kinds of people involved in that greater fool, pyramid, scheme: the big guys on top who created it and have a huge stake in it, and the ton of little naive, ignorant, people below who are pushing it up to the moon who have a blind eye to FOMO.