Bitcoin Pizza Day? Laszlo Hanyecz spent $ 3.8 billion on pizza in the summer of 2010 using the new crypto
It’s Bitcoin Pizza Day in the crypto community! About 11 years ago, on May 22, Laszlo Hanyecz, one of the first to adopt the newly coded new cryptocurrency, purchased a pair of Papa Johns pizzas using 10,000 bitcoins.
The purchase was equivalent to around $ 41 in 2010, based on the prevailing rate for bitcoin at the time, and is widely regarded as the first time a virtual currency was used to buy anything in the world. real.
However, these 10,000 BTCUSD bitcoins,
would be valued at around $ 380 million at the current rate for the world’s largest crypto, which last changed hands at around $ 38,000 on CoinDesk on Saturday. The valuation is done despite a meteoric sell-off for bitcoin which has seen the virtual asset drop by more than 40% from a peak around mid-April.
At that point, Hanyecz’s yen for pizza would earn him around $ 680 million, assuming he kept the virtual currency, which was designed by one or more people identifying themselves as Satoshi Nakamoto in 2009.
Hanyecz would continue to shell out 100,000 bitcoins which are now worth $ 3.8 billion, according to the US Edition of The Sun.
The programmer was cited by CoinTelegraph in 2018 as saying that he had “no regrets” for bombing bitcoins he had mined willy-nilly over ten years ago. After all, how do you know that bitcoin would be the forerunner of a crypto revolution that would eventually see its price skyrocket in the stratosphere.
Hanyecz was interviewed several times and his pizza purchase came to be seen as one of the key moments in the evolution of bitcoin and decentralized and distributed ledger technology that would ultimately bolster a crypto market worth around 2, $ 5 trillion at its peak. The value of the crypto followed by CoinMarketCap.com is valued at $ 1.56 trillion on Saturday afternoon, with bitcoin accounting for 45% of that value and the # 2 most popular crypto, Ether on the Ethereum ETHUSD blockchain,
representing 18% of that total crypto market value.
Bitcoin is still viewed as a ‘con artist’ by some skeptics or a commotion, but digital assets now seem to be at odds with fiat currencies like the US dollar DXY,
and euro EURUSD,
and it is not known who will win or whether traditional currencies can coexist in a new monetary era.
Hanyecz couldn’t have guessed that a single bitcoin was worth tens of thousands of dollars 11 years ago and, maybe, neither did Nakamoto. But that’s the intrigue and the peril that crypto is shrouded in.
See: Why is crypto crashing? Will bitcoin prices ever recover? Here’s what traders and investors are saying
Here is DOGEUSD dogecoin,
which was a joke (and some still is), but the virtual coin jumped nearly 7,000% in 2021, changing hands to 34 cents, at the last check on the Kraken exchange. The alternative to bitcoin which was conceived in 2013 as a riff of Charlie Lee’s litecoin LTCUSD,
is a far cry from its peak near 75 cents.
Ultimately, Bitcoin Pizza Day is used by some crypto bulls as a time to reflect on how far blockchain-based assets have come and how far they might still have to go to gain legitimacy.
Friday’s Bitcoin trading represented the second consecutive weekly decline, marking its most serious two-week decline since the period ended July 5, 2013, according to Dow Jones Market Data.
Questions about how countries will tolerate the rise of crypto remain. Bitcoin and its ilk have been hit by reports that China will aim to crack down on digital assets. And a statement from the US Treasury Department, noting that it will seek to enforce anti-money laundering rules for Bitcoin transactions of $ 10,000 or more. started the enthusiasm of the sector.
Lily: Why China’s cryptocurrency crackdown sparked a Bitcoin crash – and may fuel a backlash
Jeremy Sturdivant, the person who said he sold all of Papa John’s pizzas to Hanyecz in exchange for bitcoin, said he cleared his bitcoin cache shortly after the famous exchange.
“Bitcoin as a currency is meant to be spent. That 10,000 BTC returned to the economy pretty quickly, around the time it was worth around $ 400, ”Sturdivant said in a 2015 interview with Bitcoin Who’s Who.
It’s unclear where bitcoin goes from here. But just like the character Neo in “The Matrix,” many crypto bulls say they “haven’t come here to tell you how it’s going to end,” they are here to “tell you how it’s going to start. “
Lately, investors have pointed out the correlation between bitcoin’s movements and traditional markets. JPMorgan Chase strategists speculated that institutional investors were ditching bitcoin to become GC00 gold,
during last week’s peak in sales.
Meanwhile, some market strategists have highlighted the links between stocks, like the Nasdaq Composite Index COMP,
the Dow Jones Industrial Average DJIA,
and the S&P 500 SPX,
These assets are generally uncorrelated, but movements in speculative assets such as crypto can sometimes reflect investors’ risk appetite.