Reddit Roasts Lottery Winner Who Invested in Bitcoin

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A few months ago, an Illinois man won the lottery and decided to invest his money instead of wasting it all on expensive stuff. The $500,000 winner cleared up a few debts and spent half of his winnings on Bitcoin. The cryptocurrency investor believed it’s a good idea that can give him a proper return and he was right. However, the always-scolding Reddit community roasted the lottery winner saying he made a few huge mistakes.

The man posted a screenshot that confirmed he bought roughly $180,000 of BTC in May. Apart from bragging on the site, he also challenged members to remind him in about 8 months if his investment was a good idea. Of course, the Reddit community had other things in mind.

Reddit Roasts Lottery Winner

User Reddit Joxnlol was over the moon when he won the Illinois state lottery. After winning $500,000, he spent around $140,000 in taxes to the state. He said he’s not planning to spend any more of the money than he needs to. He got a new car, sold his old one to a friend, set aside money for emergencies and put down a payment to his house. In the end, he was left with around $350,000 of his net winnings and decided to invest half of it in Bitcoin.

To say that Reddit was not impressed is an understatement. Joxnlol used stock trading app Robinhood to buy BTC that doesn’t allow cryptocurrency owners to transfer assets. This, according to Reddit, was his biggest mistake.

Back in May, Bitcoin was priced around $5,500. Although Reddit roasted Joxnlol with crypto memes and comments, his investment actually turned out great. Thanks to Bitcoin’s rally in June, he almost doubled his investment in just two months. Even with BTC going down right now, he’s still up for a handsome 70% profit when he decides to get his money.

Bitcoin Investments Not a Fluke

Joxnlol still hasn’t decided what to do with Bitcoin. He’s not planning on spending it all in Bitcoin casinos, of course. His move, no matter how much he was roasted for it, was not a fluke. Recent studies have shown that Bitcoin is the way to go for long-term investments and we have to agree. Sure, the price may be jumping up and down, but remember that rally a few years back? Imagine a Bitcoin explosion by the end of the year and you can easily quadruple your investment.

A recent poll determined Bitcoin the winner of long-term investments. Former US Rep. Ron Paul posted an interesting poll on Twitter. What would you choose to invest if you had $10,000 – Bitcoin or gold? The poll had one condition – you can’t touch the funds in 10 years.

A whopping 54% voted for Bitcoin, while 37% had more belief in gold. It’s another proof that the global currency tide is changing. More and more people trust Bitcoin and the cryptocurrency is making its way to more and more industries. As more Bitcoin casinos start to emerge and the leading cryptocurrency in the world makes its way to other industries, it won’t be long before the whole world adopts it.

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November 6, 2019: • No Comments

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