It was a mistake, that's all. Give him a break.
A mistake would have happened once. He went back a second time when he could not get away with it the first time. Even in this very post- rather than sit back and slowly get a handle on things he is advocating that other moderators make the same mistake he did. If it was a mistake- as you say, why permit him to advocate other moderators do the same?
This is his hobby, but my customers will be coming through here if I continue to roll out Bitcoin and his behavior is unacceptable and inconsistent with the powers awarded to him. Standing by him does not make you look fair or loyal- it makes you look bias.