An Illinois state lottery winner has announced that he invested half of his $500,000 payout into bitcoin.
According to a Reddit post published Nov. 5, user Joxnlol posted an image of himself holding an Illinois state lottery check worth $500,000. The accompanying title read, “Did this. Then put half into BTC in May. Remind me in 8 months if I ****ed up.”
The check is dated to April 19, 2019, when the price of bitcoin was trading for $5,200. Since that time, bitcoin has appreciated 78% to its current price around $9,300, making for a substantial return on investment.
Joxnlol followed up the image with a post explaining his intention to keep the investment in bitcoin for at least a year,
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.
While Joxnlol’s winning ticket was worth $500,000, his end-payout was $357,000 after taxes, meaning he likely invested around $178K into bitcoin.
Featured Image Credit: Photo via Pixabay.com