I see often the question here: What would have happened if BTC went down to 2$? The thing is: If it goes down, he pays nothing. If it goes up, he pays up to

I see often the question here: What would have happened if BTC went down to 2$? The thing is: If it goes down, he pays nothing. If it goes up, he pays up to ~400$ per BTC. That's a hell of a call option in my eyes. In order to avoid that, the responsible should have sold everything in the beginning or he should have set the claims to be in BTC upfront. But you cannot keep speculating with other people's money for 5 years and keep the profits in case A or pay nothing in case B. Now since case A happened, these profits are a consequence on the risk taken with other people's money, so it's also the profits of other people.