I’m not concerned about compensation, but I strongly believe that punishment is necessary for his actions. No one should be forgiven simply because of their economic status. He hit you with his bike, and there should be consequences for that. Punishment will teach him a lifelong lesson about responsible driving.
If we forgive him without consequences, he may not learn from his mistake. It’s essential to hold him accountable for his actions to ensure he understands the gravity of his error and becomes a more responsible individual in the future.