Yeah, except with the geometry of that bike, riding hands free for the first few feet would have been a *****. Actually, unless one is very skilled at it, starting off hands free on any bike is very difficult. I know I can't do it, and I almost live on one.
The way to make up for the lack of hands is rider input, and with the steering head geared backwards, your inputs would have to be backwards. Keeping a bike balanced is partly centrifugal force and the gyroscope created by the wheels, but it is also the "wobble effect" that is basically input from the rider to keep the bike upright and on track.
Since we have learned, for as long as we can remember, how to operate a bike, and much of that is subconscious, we would have to fight our deeply engrained muscle memory to operate a backwards bicycle. A person who has never ridden a bike would find it much easier to learn to ride backwards than a person who has been riding for years.
Had you tried that, all that would have happened is you would have fallen on your butt and he would have kept his money.