Lottery Winner in Illinois Uses Half of His Prize, Worth $250,000 to Buy Bitcoin (BTC)
A resident of Illinois won half a million dollars in a state lottery and later claimed that he invested half of it in Bitcoin. The story went public recently when the Redditor Joxnlol who won the lottery posted an image of himself with the check. He affirmed that he invested half of the prize in BTC. This netted him returns of 65% so far.
Guy wins $500k lottery and puts half into Bitcoin.https://t.co/4Tvkg438AK
— BashCo (@BashCo_) November 4, 2019
According to the investor, he will maintain the investment for at least a whole year. By setting aside some of the money for emergencies and, curiously, for tattoos, he used the other half for living expenses until his profit goes up. Unfortunately, his $500,000 USD was reduced to around $357,000 USD after he had to pay taxes on the price, so only $178,500 USD was invested in BTC.
“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 also affirmed that he was using the Robinhood app to keep his funds. According to him, there were security risks in using a centralized method, but he was not keen on using a cold storage wallet as he deemed that the risks were considerably higher for him.
The Redditor was criticized for showing his face online and some people affirmed that he should have invested 100% of the money in BTC, but the reception of the post was generally positive.
In related news, the number of people who use cryptocurrencies in the United States has recently been doubled. In 2018, only 7.95% of the Americans owned crypto in some form, while now 14.4% of them do it. With the rise in the popularity of crypto, the numbers will probably get a lot higher in the near future.