An Illinois State Lottery Winner ‘Joxnlol’ Puts Half of His $500,000 Into Bitcoin

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.

Image Source: Coin360

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.

#BTC Source: Reddit, u/Joxnlol The news of an American man who put half of his lottery winnings into Bitcoin (BTC) has spread through the Cryptoverse. The Reddi…Read more: — webnow (@webnowcompany) November 5, 2019

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.

It has been revealed now that Illinois State lottery winner Joxnlol [Reddit name] had deposited a whopping $500,000 into Bitcoin back in May. Hodlers will hodl!#crypto #blockchain — Tron Weekly Journal (@TronWeekly) November 5, 2019

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

Guy wins $500k lottery and puts half into Bitcoin. — BashCo (@BashCo_) November 4, 2019

By press time, BashCo’s tweet has garnered 630 likes and Joxnlol’s original Reddit thread has 2,700 upvotes.

So, according to Statista data, 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.

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.

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#IllinoisStateLottery #CryptoNewsPoint #DigitalNotice #Bitcoin #Joxnlol