As a researcher with a keen interest in the history of cryptocurrencies, I can’t help but be captivated by the tale of Laszlo Hanyecz and his infamous purchase of two Papa John’s pizzas for 10,000 Bitcoin back in 2010. The irony is palpable; a simple craving for pizza has since become an enduring symbol of the crypto world’s wild volatility.
In the realm of cryptocurrency, the two Papa John’s pizzas purchased by programmer Laszlo Hanyecz in 2010 with 10,000 Bitcoin (BTC) are well-known for their significant value. If we consider today’s market prices, those two pizzas would have cost Laszlo over $978 million.
Back in 2019, I fondly recall sharing my story about the first-ever commercial Bitcoin transaction on CBS’ 60 Minutes. This milestone event, which I was part of, is still widely acknowledged as a significant moment in Bitcoin history.
“I Just posted on the Forum. I said, ‘You know, if anybody’s interested, I’m offering 10,000 Bitcoin in exchange for some pizza.’ Somebody there said, ‘Hey, I’ll take you up on that offer,’ so I sent him the 10,000 Bitcoin. He paid with his credit card, and the pizza showed up at my door.”
Hanyecz’s expensive blunder is continuously referenced humorously within the cryptocurrency community, as the value of Bitcoin repeatedly escalates during each phase – frequently increasing by multiple factors in each instance.
The rising costs of ‘Pizza Day’
On May 22, 2010, when Papa John’s was bought, it became famously recognized in Bitcoin circles as ‘Bitcoin Pizza Day’.
10,000 Bitcoin that Hanyecz paid for pizzas back in May 22, 2016, which were worth just $41 in 2010, are now estimated to be around $4.4 million in value today.
As I reflect back on my research two years ago, precisely on Pizza Day 2018, the aggregate worth of the 10,000 Bitcoins skyrocketed to around $41 million – a staggering increase of almost 10 times from its value in 2016.
In 2020, the price of a single Bitcoin soared to unprecedented levels, and owning 10,000 Bitcoins represented an investment opportunity worth more than $80 million. By Pizza Day in 2022, that investment opportunity had multiplied significantly, exceeding $300 million in value.
2023 marked my introduction to the bitter taste of a bear market, as the value of my 10,000 BTC dipped dramatically to approximately $268 million – a stark reminder of the volatile nature of crypto investments.
Experts in the field and financial analysts are predicting that the price of a single Bitcoin could reach approximately $180,000 by the year 2025. This potential increase would put the opportunity cost of owning 10,000 Bitcoins at around $2 billion just days before Pizza Day in 2025.
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2024-11-24 01:25