Former Ohio State Treasurer Josh Mandel lost over $1.2 million on Bitcoin options tied to BlackRock’s IBIT after making a failed prediction of Bitcoin reaching $444,000 by November 8. Mandel shared details of his trade on Twitter, emphasizing transparency and denying accusations of misleading investors or profiting through coin issuance.

Josh Mandel had previously championed Bitcoin adoption in Ohio by launching OhioCrypto.com in 2018, allowing businesses to pay state taxes in Bitcoin through BitPay. The program aimed to modernize state finances and attract tech-forward businesses, positioning Ohio as a leader in blockchain innovation. However, the program was later suspended due to regulatory concerns.

Interest in Bitcoin ETF options has surged since their late 2024 launch, with trading volumes soaring and bullish positions favored by many traders. Despite recent underperformance and outflows, the first inflow after a $2.9 billion outflow streak was recorded. Mandel’s high-stakes loss highlights the significant risks and volatility associated with Bitcoin options.

Read more at Yahoo Finance: Man Who Once Let Ohio Pay Taxes in Crypto Just Lost $1.2 Million on Bitcoin Options