The word Bitcoin.
Presumably, his thought process was something like "if I sell now, I make $Xm. If I wait until BTC goes to $36k, I make $2Xm... but I think that's quite unlikely. However, it's possible, and my clients would be really mad at me if BTC skyrockets, goes to $60k, and I chickened out at only $18k. So, what I can do, is buy this option for cheap, forgo the profits between $18k and $50k, but if I'm really wrong, at least I'll cash in if it goes above $50k."
So, hopefully he paid much less ($1m) than the total profit he made ($Y0m)?
c.f. http://data.ledgerx.com/top100, Ctrl-F "2017-12-20 8:39 am"
Sell securities at $X, buy calls for 2x the number of securities you had with strike $X+$Y for $Y/10, and have the product go up to $X+($Y2). Profit = ($Y22) - 0.1$Y = $Y3.9.
Keep the securities, have the security go up to $X+($Y2). Profit is $Y*2.
Even naked option trades expire worthless quite often. If you take the delta as a roughly guess for the chance of expiring in the money, people tend to trade the options with <50 delta.
So, it wasn't worthless to him and this is a meaningless story. Got it.
The general Bitcoin community also celebrates every time a Wall Street firm starts trading in bitcoin, saying that's a way of Bitcoin going mainstream and being accepted as a store of value.