Lottery Windfall and Instant Investment
An Illinois resident recently found himself on the lucky side of fortune with a massive $500,000 lottery win. Reddit user Joxnlol embraced the moment, sharing an image on November 5 of himself triumphantly holding up the state lottery check. With a cheeky caption stating, “Did this. Then put half into BTC in May. Remind me in 8 months if I f****d up,” he’s definitely caught the attention of the crypto community.
Bitcoin Boom: Early Gains
Joxnlol’s golden ticket was purchased on April 19, and by early May, he decided to invest half of his winnings into Bitcoin. While he has met some skepticism from critics, his investment so far has seen a substantial return of approximately 65%, according to data from Coin360. It seems like Joxnlol may just be onto something after all!
Plan for the Future: HODLing for a Year
In his follow-up posts, Joxnlol outlined his investment strategy with the kind of calm confidence we all wish we had. He declared, “I don’t intend to touch any of it for at least another year.” He’s cleverly allocated funds for emergencies, personal expenses, and even some luxurious tattoos. The only big splurges so far include a shiny new car and a down payment on a house – solid moves for any newfound millionaire!
Reality Check: The Impact of Taxes
However, Mr. Joxnlol faced a sobering calculation when taxes rolled into play. After deductions, his $500,000 took a hit, leaving him with approximately $357,000 to work with. This meant that his Bitcoin investment was based on about $178,500. Still, that’s not a bad start for a crypto portfolio!
Heightened Risks and Community Reactions
Much to the community’s point, there are differing opinions on his decision to publicly celebrate his win. Many echoed the sentiment that if Joxnlol had f****d up, it was likely by not investing 100% in Bitcoin. Still, exposing his face and winnings on a social media platform did paint a target on his back for potential criminals. And as a cherry on top of this thrilling tale, Joxnlol mentioned he was keeping his Bitcoin on the Robinhood trading app. It’s a controversial choice, given some believe cold storage wallets are safer, but Joxnlol feels the rolling dice of centralized platforms is worth the risk.
"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," tweeted community member @BashCo, illustrating the often crazy world of cryptocurrency perceptions and interactions.
The Crypto Boom: A Bigger Community Emerges
As of late 2019, it appears Joxnlol’s investment choices are sending ripples through the broader U.S. population. A recent survey suggests that the number of American cryptocurrency owners has skyrocketed, doubling from 7.95% in 2018 to 14.4% in 2019. With around 36.5 million U.S. residents now investing in crypto, it looks like the lottery-inducing Bitcoin craze isn’t just an individual adventure but a collective movement.
