Josh Mandel’s Bitcoin Gamble: $1.2M Vanishes Faster Than a Crypto Bubble 💸

by

Josh Mandel, the man who once convinced Ohio to let businesses pay taxes in Bitcoin (because why not?), has now lost $1.2 million on Bitcoin options. Spoiler: it’s not a happy ending.

The former Ohio State Treasurer, who once boldly predicted Bitcoin would hit $444,000 by November 8 (a date now synonymous with “optimism over optimism”), found himself on the wrong side of a trade involving BlackRock’s iShares Bitcoin Trust. His forecast? A resounding “meh” from the market. 🤯

Ohio’s Crypto Tax Pioneer Loses $1.2 Million Betting on Bitcoin Options

Mandel, ever the showman, spilled the tea on X (formerly Twitter), admitting he’d gone “all in” on IBIT call options-only to watch them expire like a stale cup of coffee. “I predicted Bitcoin would hit $84,000… then got impatient and aimed for $444k,” he wrote. Classic case of “hold my beer and watch this.” 🥃

“Earlier in the cycle, I published a MSTR and MSTR-option-only portfolio. Initially, it was entirely long, then shifted to short with in-the-money covered call sales…” he explained, as if this makes him sound like a crypto wizard. It doesn’t. It makes him sound like a guy who forgot to check the weather before betting his life savings. ☁️

Mandel insists his post is about “transparency,” which is code for “I don’t want to get sued.” He also denies trying to scam investors or launch a coin. No, really. He’s just… “transparent.” 😂

Back in 2018, Mandel was the crypto cheerleader Ohio needed. As State Treasurer, he launched OhioCrypto.com, letting businesses pay taxes in Bitcoin. Because nothing says “modern governance” like letting companies send you digital money that might be worth less tomorrow. 🚀

The program, processed via BitPay, converted Bitcoin into dollars for the state. Mandel called it “planting a flag for Ohio,” which is poetic if you ignore the fact that the flag was made of code and hope. 🏳️

“We’re looking to plant a flag for Ohio,” he told reporters, because nothing says “leadership” like ignoring the fact that Bitcoin’s value is more volatile than a toddler on espresso. ☕

The program lasted all of a year before his successor, Treasurer Robert Sprague, shut it down. Why? BitPay’s payment structure “may have violated state procurement laws.” Translation: someone blinked at the fine print. By then, fewer than ten companies had used it. Welcome to the wild west of government innovation. 🤠

Risks and Lessons From the Bitcoin ETF Options Market

Mandel’s loss comes as Bitcoin ETF options have become the new hotness since late 2024. Kaiko noted trading volumes “soared,” which is impressive until you realize they’ve since cratered. Outflows? They’re back to May levels. Inflows? Only after a $2.9 billion outflow streak. It’s like watching a stock market game of Whac-A-Mole. 📉

Mandel’s $1.2 million gamble is a reminder that even crypto “experts” can misfire. His story isn’t unique-it’s just more colorful. After all, who better to teach us about risk than a guy who tried to time the market while wearing a crypto cape? 🦸

As regulated crypto derivatives grow, Mandel’s tale serves as a cautionary tale. Predictions? They’re like weather forecasts: useful only if you ignore the chaos. 🌪️

Read More

2025-11-10 01:40