I think what he has done was pretty irresponsible as a State Leader as he basically gamble with taxpayer's money. Nobody can predict the price of BTC, and what will happen if the price goes to below $30k? He should bet with his own money.
But if he can hodl long enough tho, I believe the price can bounce back, but not sure for the timeframe. Last time, bear market lasted for 1.5 years IIRC.