LONDON (IT BOLTWISE) – Former Ohio Treasurer Josh Mandel has suffered a loss of over $1.2 million from Bitcoin options. Mandel, once a pioneer of cryptocurrency acceptance in politics, had speculated on a drastic increase in the price of Bitcoin, but this did not materialize. This experience highlights the risks associated with speculative investing in cryptocurrencies.
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Former Ohio Treasurer Josh Mandel recently disclosed a loss of over $1.2 million from trading Bitcoin options. Mandel, once seen as a political leader in cryptocurrency acceptance, had speculated on a dramatic rise in the price of Bitcoin, but this did not materialize. This experience highlights the risks associated with speculative investments in cryptocurrencies.
Mandel had made his investment in call options on BlackRock’s iShares Bitcoin Trust in the hope that the price of Bitcoin would rise to $444,000 by November 8th. However, this forecast turned out to be too optimistic and the options expired worthless. Mandel openly shared his experience on X (formerly Twitter) and emphasized that he did not want to mislead investors.
Back in 2018, as Ohio Treasurer, Mandel launched the platform OhioCrypto.com, which enabled companies to pay their taxes in Bitcoin. This initiative was intended to position Ohio as a leader in blockchain technology. However, the program was shut down in 2019 due to regulatory concerns after fewer than ten companies used the service.
Recent developments in the Bitcoin ETF space have increased interest in options on these products. Despite an initial surge in trading volumes, ETFs have suffered from outflows recently. Mandel’s loss highlights the volatility and risks associated with such financial instruments and serves as a warning that even experienced investors can be subject to errors in judgment.
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