Dinner

Celebrating Bitcoin Pizza Day: A $300 Million Dinner?

Celebrating Bitcoin Pizza Day: A $300 Million Dinner?

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How many Bitcoins would you spend for two pizzas?


Key points

  • 12 years ago, a bitcoin enthusiast spent 10,000 bitcoins on two large pizzas. These Bitcoins would now be worth around $300 million.
  • Since then, May 22 has been known as Bitcoin Pizza Day – a day to celebrate the first real-world Bitcoin transaction.

It’s been 12 years since Laszlo Hanyecz made history. The crypto enthusiast paid 10,000 BTC for two large pizzas in what is now believed to be the first real-world Bitcoin transaction. Back then, 10,000 BTC was worth around $40. Today it’s worth around $300 million, which you could probably buy a whole chain of pizzerias with and have change.

Hanyecz posted the following request on a bitcoin forum: “I’ll pay 10,000 bitcoins for some pizzas. Like maybe 2 big ones so I have some left over for the next day. I like to have leftover pizza to snack on later. A few days later, he reported that he had successfully made the trade. The programmer was an active contributor to the Bitcoin community, including developing new computer code for mining.

Bitcoin Pizza Day

Back in 2010, few people involved imagined that Bitcoin would spawn a trillion-dollar market. Nor did they know that May 22 would forever be celebrated as Bitcoin Pizza Day. Since then, Bitcoin has been used to pay for everything from coffee mugs to vacations and luxury watches. You can even buy a house using cryptocurrency.

Here are some other key moments in the evolution of Bitcoin and cryptocurrencies:

  • October 2008: Satoshi Nakamoto publishes a white paper that describes a form of decentralized peer-to-peer electronic payments.
  • January 2009: Nakamoto creates 50 BTC and transfers 10 to Hal Finney, an early Bitcoin user.
  • May 2020: Hanyecz completes the first Bitcoin transaction in the real world.
  • July 2010: Bitcoin begins to trade. At the end of the year, 1 BTC was worth around $0.80.
  • October 2011: Litecoin (LTC), one of the first altcoins, is launched. There are now over 19,000 different cryptocurrencies, with many projects going far beyond acting as a form of decentralized payment.
  • October 2013: Silk Road, a sort of black market platform that relied on cryptography, is shut down by the FBI.
  • February 2014: Mt. Gox – the largest crypto exchange at the time – is hacked and the company goes bankrupt. At one point, Mt. Gox processed around 70% of all crypto transactions.
  • December 2014: Microsoft adds Bitcoin as a payment method.
  • December 2017: Bitcoin price explodes, opening the year at around $900 and ending at around $15,000, according to data from CoinMarketCap. When Forbes declared 2017 to be known as the year of Bitcoin, little did they know that the king of crypto would peak at $69,000 in 2021.
  • October 2020: PayPal enters the crypto market in the United States
  • February 2021: Tesla announces that it will accept bitcoin payments. The electric car company later backtracked on the move, which, along with China’s move to ban crypto again, caused the first major price drop of 2021.
  • March 2021: Morgan Stanley becomes the first major U.S. bank to offer Bitcoin to select customers.
  • September 2021: El Salvador becomes the first country to make Bitcoin legal tender.

There are many more milestones we could highlight, especially in the past few years when crypto has made significant strides in adoption and acceptance. Nonetheless, we hope the highlights above give you a taste of some of the highlights as we celebrate Bitcoin Pizza Day.

What this means for investors

2022 has not been the easiest year for crypto investors. Many assets are down 50% or more from their November highs, and it’s unclear when the market might rally. Indeed, some fear that the market may not recover at all. While there are plenty of reasons to be optimistic, there’s also no guarantee as to what will happen next.

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Begin

Nevertheless, our brief look back at the history of Bitcoin is an excellent reminder of all that has transpired in a relatively short period of time. Fourteen years ago, Bitcoin was an idea still forming in the mind of Satoshi Nakamoto. He hadn’t even published the white paper. Since then, we’ve seen incredible growth, a fair share of hacks and dodgy transactions, and a host of other important firsts and milestones.

If you first bought a crypto last year, it’s understandable that you’re worried about what might happen to your investments. You may be reassured to know that the value of a single Bitcoin has gone from less than $1 to around $30,000 in about 12 years. It’s been a roller coaster ride already, and we’re sure to see more volatility as the industry continues to head deeper into uncharted waters. Whatever else we may say, the story of the world’s first decentralized digital currency is far from over.

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