I think he's in the same category as those startups that try to make a technology that has been repeatedly proven to be nonviable, like wireless power transmission or ducted windmills. His plans don't make sense. The government has made it clear that there will be no excavation. But that doesn't seem to matter, it's such an attractive story and there's such a mania for bitcoin that he can find backing anyway.

At this point, I hope he finds it.

Plot twist: it turns out to be the only key every found using this website. A user finds it 4 hours and 20 minutes before he excavates the hard drive.