This isn't really how wealth is recognized, legally or philosophically.
If he's sitting on substantial bitcoin holdings (bitcoin being the most liquid asset available, above all precious metals and equities), why does he need to sell them to "reap benefits'?
Having tremendous liquid wealth available for a later date or retirement may have substantial effects on his daily life; how he saves, how he spends, how he borrows (perhaps he's offering up the bitcoin as collateral for loans), how his mind works when he goes to sleep, knowing his financial future is secure.
Dumping valuable assets into hyperinflationary paper trash and/or spending lavishly is not my idea of wealth or realizing value.
It has value only if you’re trying to get a loan against it - or when you cash it out.
If I have an ounce of gold, and it’s worth $2,000 an ounce. I’ve basically got $2000. But I don’t really have any money until I sell it. Until then, it’s potential value.
Same with bitcoin. Same with stocks. And really, same with any fiat money. Anything you hold as any sort of investment only has value when you liquidate it. And the value at that time might be a lot less than at the current time. Or more, of course.