Getting first investment at Bitcoin 19k

I have started into crypto around 8 months ago but in terms of gains I’ve missed most of the 2017 uptrend as Tether was pretty stable during the whole time.

This story is not about me but it very well could have been about me.

A friend of mine bought 1 BTC (spending most part of his savings) in December at the price of 19k for Bitcoin.

Everyone might say beginner's mistake, bad call, unlucky, do some research before buying,… whatever but what I’m trying to understand is what is now and in the next months the behavior for people with the same story?

How many are there in this situation? How many of them are still holding? How many got scared and sold? How many started to really educate themselves into the technology or just tried to forget about the whole thing? How many influenced people around them for not investing? Or any other behavior?

Regarding my friend, I can tell you that with huge efforts he was convinced not to sell, he's not interested into the technology, he’s trying to forget and not read anything about the market (this might be good for him).

Think about this story vs. crypto-millionaire stories.

December was maybe the most important time for cryptocurrency as it raised the awareness and paves the way to mass adoption but are experiences like this one a big setback?

Cheers