December 1, 2022

Illinois Lottery Winner Spends Half Bitcoin Winnings

An Illinois resident who won a $ 500,000 lottery in April invested half of his winnings in bitcoin. Now him Investments in BTC increased by 63%.

"Won. And then put half in BTC in May. Remind me after 8 months if I’ve made a mistake, ”Reddit wrote under the pseudonym Joxnlol in May, adding a selfie with a winning check in his hands.

Since then, Bitcoin has grown by 63%. Note that the user does not plan to sell bitcoins for another year.

“I'm not going to touch bitcoins yet at leastyear. I save money for emergencies, for myself and for tattoos. The only major purchases I made were buying a new car for me and making a down payment on my home, ”said Joxnlol.

After taxes, $ 500,000 turned into $ 357,000. That is, Joxnlol invested $ 175,500 in bitcoin. Now its bitcoins should be valued at about $ 285,000.

Joxnlol stores bitcoins on a trading platformshares and crypto assets of Robinhood, saying that for him the risks of losing a “cold wallet” outweigh the risks of being stolen from a central site.

In August, the Robinhood platform announced it was licensed by the UK Financial Supervisory Authority (FCA) to operate in the country.