Yearly on Could 22, the cryptocurrency neighborhood remembers and marvels at how one man paid for a pizza with bitcoin. Whereas the story might sound benign and uninteresting at first look, the main points are fully stunning and have undoubtedly led to regrets for some concerned.
On Could 22, 2010, Laszlo Hanyecz, a Florida resident, posted on the bitcoin Speak discussion board, “Pizza for bitcoins?” The publish acknowledged that Laszlo can be prepared to pay “10,000 bitcoins for a couple of pizzas…like maybe two large ones so I have some leftover for the next day.”
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A British man took Laszlo up on the supply, and despatched his two pizzas from Papa John’s in alternate for 10,000 bitcoins. The person who purchased the pizzas obtained $41 in bitcoin and solely needed to pay $25.
Clearly, the ten,000 bitcoins have appreciated in worth nicely past the $41 they have been price on that day in 2010. At present costs, they’re price over $700 million, sufficient to purchase greater than two pizzas.
Laszlo went on 60 Minutes in 2019 to debate the transaction, saying that he “thought it would be really cool if I could say, ‘Hey, I just traded this, you know, open-source internet money for a real-world good.'”
He additionally mentioned bitcoin Pizza Day, noting that “it’s pretty cool to have a holiday in my honor. Many crypto enthusiasts around the world celebrate this day each year as it marks the first time that bitcoin truly added value to its users.
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The story has also become a legend in the crypto community, as it shows the two main aspects of bitcoin: a form of payment and a store of value. Coinbase has used the story to create commercials that show these points. In a recently released advertisement, Coinbase shows how the halvings have impacted the price of bitcoin, using pizza as a medium of explanation.
The ad shows that in 2012, one bitcoin was worth one pizza; in 2016, one bitcoin was worth a stack of pizzas, and in 2024, one bitcoin is worth a mound of pizzas. The ad almost certainly got inspiration from Laszlo’s story, showing how the bitcoin halvings have lowered the future supply, which can help increase the value of one bitcoin and buy more and more pizza.
So, each year on May 22, the crypto community serves up a pizza toast to Laszlo Hanyecz, one of the first to use bitcoin as intended. This set off a series of events that has led the price of 10,000 bitcoins to go from $41 to over $700 million.
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This text It is Bitcoin Pizza Day: The Story Behind $700 Million In BTC Spent on One Dinner initially appeared on Benzinga.com
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