For him it was 5 years wasted. He probably had a crush on you from day 1 and decided his best shot at a relationship was to be patient and play the long game.

Which was his (stupid) mistake for not being honest from the beginning,

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You basically just told him it's never going to happen and he's invested a ton of time in you for nothing.

"Nothing" except what was apparently a pretty good friendship. As someone twice his age, I'd let him know that lovers come and go but a really good friend whom you can always count on is hard to find. More men need to learn how to cultivate genuine friendships with women, even women that you're physically attracted to, and that you don't have to look at every woman as a "potential date."