Man Who Once Let Ohio Pay Taxes in Crypto Just Lost $1.2 Million on Bitcoin Options

Former Ohio State Treasurer Josh Mandel, known for pioneering a program allowing Ohio businesses to pay state taxes in Bitcoin, revealed he lost more than $1.2 million on call options tied to BlackRock’s iShares Bitcoin Trust (IBIT). Mandel had made a bold, ultimately incorrect prediction that Bitcoin would reach $444,000 by November 8, leading him to go "all in" on the options, which subsequently expired worthless. He shared this loss transparently on X, noting that earlier, successful trades involving MSTR options had preceded this final, failed bet. The article contextualizes Mandel's history as a crypto advocate, recalling his 2018 launch of OhioCrypto.com, which was later suspended by his successor due to regulatory concerns. Mandel's public loss serves as a cautionary tale regarding the significant risks inherent in speculative options trading and the volatility of the Bitcoin market, even for experienced figures in the crypto space.

(Source：BeInCrypto)