One resident from Illinois who won $500,000 in a state lottery recently revealed that he put half of it into Bitcoin (BTC) back in May. The US lottery winner and Redditor “Joxnlol” posted an image of himself where he was clutching the Illinois state lottery cheque on November 5 with a caption that says:
“Did this. Then put half into BTC in May. Remind me in 8 months if I f****d up.”
The winning ticket that Joxnlol had sealed him the $500,000 bounty on April 19. As we can see from the analysis, if he converted half of it in early May, his investment has so far seen a gain close to 65%, Coin360 data shows.
A subsequent post shows that the US lottery winner Joxnlol indicated that he plans to HODL the investment for a minimum of one year. The Bitcoin news also feature this statement of his:
“I don’t intend to touch any of it for at least another year. I set aside money for emergencies, I set aside money for myself, and I set aside money for tattoos. The only major purchases I’ve done is […] bought a new car for myself and put a downpayment on a house.”
Notably, the US lottery winner and his $500,000 were reduced to roughly $357,000 after taxes. He revealed that he would have invested $178,500 in BTC.
Following the post, the thread contributors were unanimous on two points. First, if Joxnlol had been wrong in any way, it was by not having invested 100% in BTC. Second, that the US lottery winner was tempting fate by publicizing his face and winnings on the net, which made him a potential target for criminals.
However, Joxnlol also indicated that he was storing his Bitcoin (BTC) on the trading app Robinhood, arguing that for him personally, the risk of losing a cold-storage wallet outweighs the security risks of trusting his coins to a centralized third party.
The crypto community member @BashCo tweeted a link to Joxnlol’s thread and remarked the following:
“The popularity of this tweet makes me question if average people still falsely associate Bitcoin with lottery. Bitcoin is sound money. But if I tweet that, it will only get 20 likes.”
By press time, the tweet of BashCo has garnered 630 likes and Joxnlol’s original Reddit thread has 2,700 upvotes.
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