An Illinois resident who won $500,000 in a state lottery has revealed he put half of his winnings into Bitcoin (BTC) in May. Redditor “Joxnlol,” published a picture of themself clutching the Illinois state lottery check on November 5, using the caption: “Did this. Then put half into BTC in May. Remind me in 8 weeks I f****d up.”
Joxnlol’s winning ticket sealed him the $500,000 bounty on April 19: given he converted 1/2 of it at the beginning of May, his investment has to date has seen a nearly 65% gain.
In a subsequent post, Joxnlol established that he intends to HODl an investment for at least twelve months, revealing:
“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.”
It’s worth noting that Joxnlol’s $500,000 was reduced to roughly $357,000 after taxes, he revealed — meaning he’d have invested $178,500 in BTC.
Thread contributors were virtually unanimous on two points: if Joxnlol had f****d up by any means, it had been by not getting invested 100% in BTC, and 2nd, he was tempting fate by publicizing his face and winnings around the internet, making them a possible target for crooks.
Joxnlol also indicated he was storing his Bitcoin on a buying and selling app called Robinhood, arguing that for him, personally, the chance of losing a chilly-storage wallet outweighed the security risks of trusting his coins to a centralized third-party.
Crypto community member @BashCo, who tweeted a hyperlink to Joxnlol’s thread, pointed out that:
“The recognition of the tweet makes me question if average people still falsely affiliate Bitcoin with lottery. Bitcoin is sound money. But if I tweet that, it’ll only get 20 likes.”
By press time, @BashCo’s tweet had received 630 likes and Joxnlol’s original Reddit thread has 2,700 upvotes.
Bitcoin’s current market cap of approximately $167.8 billion represents around 73% of state and local lottery revenue between 2008-2017, which totaled $228.8 billion, according to Statista data.
A new survey of US residents estimated that 36.5 million of them now own some form of cryptocurrency — representing a twofold increase, from 7.95% in 2018 to 14.4% in 2019.
A version of this story originally appeared here.
For instant local lottery results, and to play the lottery online, visit https://play.lottery.com.