He has seen the graphs, and the numbers, but he often works on emotion so he simply "feels" like it's a bad idea now, i'm not sure whether it's just attachment to bitcoin, or a lack of faith in myidea haha, but basically I done a lot of research, then made my case for him to invest, and he did.
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That's pretty much what I suspected.. Things involving trading and investing don't mix well with "feelings" most of the time. The good news is that even though your brother may feel bad about steem he'll probably feel a whole lot better once he realizes just how much potential it really has. That or simply when he notices the value of his investment has gone up :]