Former Ohio State Treasurer Josh Mandel has reported a $1.2 million loss from trading call options on BlackRock’s iShares Bitcoin Trust (IBIT). Mandel revealed the loss in a public post on X (Twitter), explaining that the options expired worthless after his prediction that Bitcoin would reach $444,000 by November 8 failed to materialize.Mandel, known for his previous efforts to allow businesses to pay state taxes in Bitcoin, emphasized transparency in his disclosure, denying any misleading claims or profit-seeking through coin issuance. This incident underscores the inherent risks associated with speculative trading in the volatile cryptocurrency market.

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