It's not mathematically possible for him to have lost 85% of his investment in bitcoin yet.
If he bought 12k of bitcoin at the absolute maximum of 68k/BTC, he would have roughly 0.176470 of a bitcoin. At 27k/bitcoin, he'd have 4,764.70 USD - If he bought in at any lower BTC price, then he would have more than 4764.70 USD
so he's, at the very least, exaggerating his losses.
It's not mathematically possible for him to have lost 85% of his investment in bitcoin yet.
If he bought 12k of bitcoin at the absolute maximum of 68k/BTC, he would have roughly 0.176470 of a bitcoin. At 27k/bitcoin, he'd have 4,764.70 USD - If he bought in at any lower BTC price, then he would have more than 4764.70 USD
so he's, at the very least, exaggerating his losses.
The loss for bitcoin was almost 30% that is huge.
It's not a loss. Price will go back up and the only people who lost are people who sold at rock bottom.