Illinois Lottery winner puts half of $500,000 prize into Bitcoin

Illinois Lottery winner puts half of $500,000 prize into Bitcoin

An Illinois resident who gained $500,000 within the state lottery has printed he put half of it into Bitcoin (BTC) again in May.

Reddit consumer “Joxnlol” posted a picture of himself clutching the Illinois state lottery take a look at on Nov. five, with the caption: “Did this. Then put half into BTC in May. Remind me in 8 months if I f****d up.”

Later, Joxnlol posted a couple of pictures of himself and the profitable price ticket as evidence of his declare.

65% acquire thus far

Joxnlol’s profitable price ticket sealed him the $500,000 bounty on April 19: given he transformed half of it in early May, his funding has to this point noticed with reference to a 65% acquire, in step with research through Coin360. (See graphical research beneath.)

In a next put up, Joxnlol indicated that he plans to carry the funding for a minimal of 365 days.

“I don’t intend to touch any of it for at least another year,” Joxnlol posted. “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.”

Notably, Joxnlol’s $500,000 used to be lowered to more or less $357,000 after taxes, he printed — which means he would have invested $178,500 in BTC.

Reddit thread participants have been just about unanimous on two issues: that if Joxnlol had made any type of error, it used to be through no longer having invested 100% in BTC, and 2d, that he used to be tempting destiny through publicizing his face and winnings on the web, making him a possible goal for criminals.

Joxnlol additionally indicated he used to be storing his Bitcoin on buying and selling app Robinhood, arguing that for him, in my view, the chance of shedding a cold-storage pockets outweighed the protection dangers of trusting his cash to a centralized third-party.

Crypto group member @BashCo, who tweeted a hyperlink to Joxnlol’s thread, remarked, “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.”

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

Number of US crypto homeowners doubled in 2019

Bitcoin’s present marketplace cap of roughly $167.eight billion represents round 73% of state and native lottery earnings between 2008-2017, which totaled $228.eight billion, in step with Statista information. 

A brand new survey of United States citizens estimated that 36.five million of them now personal some shape of cryptocurrency — representing a twofold build up, from 7.95% in 2018 to 14.four% in 2019.

What do you assume of making an investment lottery prize cash in Bitcoin?

News story photo(Click to show full-size in gallery)

News story photo(Click to show full-size in gallery)

News story photo(Click to show full-size in gallery)

News story photo(Click to show full-size in gallery)

Updated: November 5, 2019 — 7:54 pm

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