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.
<img src="https://www.cryptonewspoint.com/wp-content/uploads/2019/11/2decb578ea949063a70b9be3fbfc0ce2-1.png" alt="" class="wp-image-4670 lazyload" width="565" height="277" />
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: https://t.co/isDqJU5mAK — 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.
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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.https://t.co/4Tvkg438AK — 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.
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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.
Source: statista.com | cointelegraph.com