People with such huge amount of Bitcoins in their wallet have little concern about the entire crypto space. Personally, I think this person did that just to contain huge amount of Dogecoins just to try and see if he can manipulate the Dogecoin market.  I will not be surprised if this person has about thousands of Bitcoin in his wallet, so spending 800 Bitcoin for 5 million Dogecoins will not really affect his crypto worth.  But on a serious note, 800 Bitcoin is a lot to just spend that on a bet just for 5 million Dogecoin which is no where equivalent to the Bitcoin spent.  I don't really think this story is truth considering the worth of the 800 Bitcoins at the current price and spending such amount for  less than 0.01% of the amount spent.