Joxnlol, an Illinois resident, who won $500,000 in a state lottery, has revealed that he put half of it into Bitcoin (BTC) back in May, this year.
As Coin360 data shows, Joxnlol’s winning ticket sealed him the $500,000 bounty on April 19, 2019, which he converted half of it in early May (the same year), his investment has so far seen close to a 65% gain.
However, in a subsequent post, Joxnlol indicated that he plans to HODl the investment for a minimum of one year by 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.”Joxnlol
Specifically, Joxnlol revealed that his $500,000 was reduced to roughly $357,000 after taxes, meaning he would have invested $178,500 in BTC.
Thread contributors were virtually unanimous on two points: that if Joxnlol had stressed out in any way, it was by not having invested 100% in BTC, and second, that he was tempting fate by publicizing his face and winnings on the net by making him a potential target for criminals.
He also indicated that he was storing his Bitcoin on Robinhood, a trading app, arguing that for him, personally, the risk of losing a cold-storage wallet outweighed the security risks of trusting his coins to a centralized third-party.
Likewise, BashCo, a Crypto community member, who tweeted a link to Joxnlol’s thread, remarked that:
“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.”BashCo
By press time, BashCo’s tweet has garnered 630 likes and Joxnlol’s original Reddit thread has 2,700 upvotes.
Thus, a new survey of United States 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.
Source: statista.com | cointelegraph.com