Cheers to Bitcoin Pizza Day! Before you order a Margherita to honor the world’s first real-world Bitcoin transaction, consider this fact:
A family vacation to Japan, a 50 Cent record, a steak supper, and a framed cat portrait all have something in common.
Members of the Cointelegraph Bitcoin community paid for them all with Bitcoin (BTC)! And, like the 10,000 BTC Bitcoin pizzas, which are now valued more than $300 million, the community’s Bitcoin purchases have surged.
“I spent 7 BTC on a family trip to Japan a few years ago,” Benjamin de Waal, VP of Engineering at Bitcoin exchange Swan Bitcoin, told Cointelegraph. 7 BTC is now worth much over $200,000 in today’s currency.
Previously, cryptos were not accepted as a method of payment, but after a man from Florida paid for his breakfast with bitcoins, everyone was talking about it. Previously, cryptos were not accepted as a method of payment, but after a man from Florida paid for his breakfast with bitcoins, everyone was talking about it.
Hanyecz spent 10,000 BTC on his infamous pizza buy. This sum was worth around $41 at the time. The cryptocurrency’s value has risen quickly over time. Currently, 10,000 BTC are worth almost $300 million.
Obviously, the value of these identical bitcoins climbed dramatically over the next decade.
In fact, if Hanyecz had sold his whole stash at bitcoin’s all-time high of $68,990, he would have made almost $690 million – enough to buy 46 million large Papa John’s pizzas for $15 apiece.
In a 2019 interview with CBS, Hanyecz stated that the purchase made bitcoin a reality for certain individuals. It certainly did for me.
Because of the price of bitcoin, Hanyecz’s tale became viral in the US, with The Wall Street Journal, ABC News, Slate, and TechCrunch joining TechCrunch and Slate in popularizing the transaction.
On the same day as the first Bitcoin pizza order, the celebrations for what has become a crypto culture staple continues. Happy Bitcoin Pizza day to you!