I won't blame the guy too much because that was the early days of Bitcoin and anyone can easily not believe in it, and many of the people blaming him may not have seen the big future for Bitcoin back then.
But if he had the knowledge about Bitcoin back then the amount was low I will want to believe he still kept track on Bitcoin so if he miss Bitcoin at that price the. He should still have got in at anytime the price was low.
Of course you can blame him, he did wrong and his thinking was wrong. You need good education to make good decisions, something that he did not have or people like him don't have. What can you do with a couple hundred or thousand dollars? Nothing!! You spend it fast, it is useless money. So is it better to risk this money going to zero for a chance to have life changing gains? Of course it is. You need to know how to analyze risk reward ratios, that is his mistake. I'd rather my current holdings go to zero than to miss out on changing my whole life.