Man Who Once Let Ohio Pay Taxes in Crypto Just Lost $1.2 Million on Bitcoin Options
Former Ohio State Treasurer Josh Mandel, once hailed as an early political champion of Bitcoin, has revealed a personal loss of more than $1.2 million on call options tied to BlackRock’s iShares Bitcoin Trust (IBIT).
The former state official’s gamble followed his bold prediction that Bitcoin would reach $444,000 by November 8, a forecast that has clearly not materialized.
Mandel shared details of his failed trade in a post on X (Twitter), saying he had gone “all in” on IBIT call options, only to watch them expire worthless.
“Earlier in the cycle, I published a MSTR and MSTR-option-only portfolio. Initially, it was entirely long, then shifted to short with…
