|Assuming the video isn't a fake: I think this kid has been misused seriously. I believe that behind this kid is a dad who want's to become famous as the father of the strongest kid in the world. I find this despicable and I would find it despicable if weren't done with weights but with skates or with tennis rackets or whatever. Parents have no right to use their kids.
I agree, however, that he should be allowed to have fun. Be it with skates or with a tennis racket or whatever. Besides guidance, kids need freedom to develop their own personality.