Illinois Lottery Winner Puts Half a Million USD into Bitcoin - was it a Mistake?

Table of Contents

• Was it a mistake?

• Illinois citizen wins the lottery, puts half of it in BTC

• Taxes Take a Bite out of it

• Was it a mistake?

A citizen from Illinois who won half a million dollars in a state lottery has revealed he put half of it into Bitcoin earlier this year. The Reddit user, under the name “Joxnlol,” posted an image of himself holding onto the state lottery cheque earlier today.

He also posted the caption, “Did this. Then put half into BTC in May. Remind me in 8 months if I f****d up.”  

Luckily gaining the winning ticket saw Joxnlol gain $500,000 on April 19th given he converted half of it in early May. his investment has also luckily seen a 65% gain, so it’s safe to say he made a decent choice.

It’s worth saying that Joxnlol’s half million-dollar winnings were reduced to around $357,000 after taxes kick in. 

Joxnlol went onto highlight that he has plans to hold the investment for about 12 months, stating:

“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.”

Was it a mistake?

Contributors to the thread were essentially in full agreement on two points. The first being that if Joxnlol had made a mistake in any way, it was by not having invested all of it in the leading cryptocurrency. The second being that he was tempting fate by making it public and letting potential criminals aware of how much he has in the decentralised asset. 

Only time will tell as to whether this is to be a mistake or not however, it will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!