Lottery Winner Invests Half In Bitcoin
14 Nov 2019 #Bitcoin
Anyone who buys a lottery ticket dreams of hitting a massive jackpot, but very few have an actual plan of what they are going to do should the money land in the bank account. Nearly all of them dream about driving into the sunset without a thing to worry about, which is fine, of course. However, there are examples of truly practical lottery winners who choose not to spend the money on lavish life but to invest them in something really meaningful...like Bitcoin.
Lottery winner turned Bitcoin investor
One of such rare instances happened to a resident of the state of Illinois, who has struck gold by snatching the state lottery jackpot that amounted to a hefty sum of $500 thousand. The real name of this lucky lottery players hasn’t been revealed, but we do know that he is a Reddit regular, who goes by the nickname Joxnlol.
As it turns out, the lucky guy had won the lottery back in April. But instead of spending it on some posh car or a round-the-globe cruise, he decided to put precisely half of the money in Bitcoin. However, this fact hasn’t been made public until November 5, when Joxnlol posted a picture of him holding a huge check for $500 thousand, issued by the Illinois Lottery on April 19. Obviously, he didn’t get the entire amount since the revenue agency had nibbled on such a juicy sum, leaving the guy with a clean $357 thousand. We can’t know what he did with the first half of the jackpot - probably set aside some money for a rainy day or put a downpayment on the house - but Joxnlol boasted that he has almost immediately invested the other half in Bitcoin. In one of the earlier Reddit posts, he declared the intention to leave the crypto untouched for at least a year before exchanging it back to fiat.
65% and counting
Joxnlol didn’t reveal the exact date when he purchased BTC, but he had undoubtedly done it right on the brink of the summer bull run, which took the price of the dominant cryptocurrency to its 2019 high of over $13 thousand.
Apparently, the lottery guru didn’t sell his coins at that point since he made a couple of posts on Reddit, where he confirmed the intention to hold for at least eight more months, asking the followers to let him know when that time passes if he had made a mistake.
Given that Joxnlol missed the opportunity to pull out when the price of BTC was at the top this year, he could still enjoy an incredible 65% profit from the spring investment if he’d sell the crypto holding right now, when the price is barely above $9 thousand. Not a bad ROI in just seven months of holding.
Some Reddit followers have been trolling Joxnlol for not investing all of that money in Bitcoin, while others were warning him about the risks of posting such sensitive information, along with his real photo, on public forums. But regardless of what will happen to this investment in the future, this occurrence serves as proof that some people place more trust in BTC than in bank deposits.
