Don’t Blame Laszlo: 10,000 BTC For Two Pizzas Was Mouthwatering

Every May 22nd, the crypto market celebrates Bitcoin Pizza Day. This year marks 15 years since Floridian programmer Laszlo Hanyecz made history using 10,000 BTC to buy two pizzas. On the upside, this was the first time someone tapped BTC to pay for a real-world item. At the same time, each year, the Bitcoin community reflects on how much this BTC purchase would be worth based on the cryptocurrency’s current value.

Last night, BTC unlocked a new historic all-time high (ATH), attaining a trading price of $109,760. This price level implies that if Laszlo had held the BTC holdings to date, they would be worth over $1.09 billion. That’s quite a lot! Let’s take a deep dive into the backstory of the popular Bitcoin Pizza Day.

A Billion-Dollar Meal

On May 22, 2010, Laszlo bought two pizzas from Papa Johns’ restaurant chain for 10,000 BTC, which was worth just $41 at the time. The leading cryptocurrency exchanged hands for $0.0041 at the time, a substantially low price compared to its current valuation.

Shortly after the purchase, he boasted about his pizza purchase on the popular Bitcoin discussion forum, BitcoinTalk. Days earlier, he hinted that he wanted to buy a “couple of pizzas” using as much as 10,000 BTC. He also shared a picture of himself with the pizzas and his children.

Many in the crypto industry tag Laszlo’s acquisition as the most expensive pizza purchase ever made. This is because BTC’s price has now skyrocketed above the $100,000 price mark.

The First Bitcoin Purchase

Despite the apparent long-term loss, Laszlo has consistently said he has no regrets. In interviews, he explained that he was not trying to profit. Instead, he was trying to prove that Bitcoin could be used as actual money. Bitcoin was still a new idea at the time, mostly discussed among programmers and tech enthusiasts. He aimed to help show that it could be useful beyond just theory or online speculation.

Notably, Laszlo was among the early Bitcoin adopters and its underlying technology. Launched in 2008 by its anonymous founder, Satoshi Nakamoto, Bitcoin has grown into the biggest blockchain network.

Although BTC is primarily a peer-to-peer cryptocurrency, its utility has expanded with growing innovations. For instance, Bitcoin is now being integrated with the decentralized finance (DeFi) ecosystem, the non-fungible tokens (NFTs) market, memecoins, and more. Bitcoin is used by millions, accepted by thousands of businesses and governments, and even considered legal tender in some countries.

A Bitcoin Pizza Day to Remember

Various crypto exchanges and influential figures have celebrated Bitcoin Pizza Day with reward campaigns. Others have opted to distribute pizzas to individuals across different cities globally.

The annual event became even more interesting as BTC unlocked a new peak value. Interestingly, this would be the first time the digital asset will attain an ATH on the eve of Bitcoin Pizza Day.

Laszlo’s story is often used as a lesson about early adoption. Taking part in something new and uncertain always involves risks and sometimes, unexpected rewards or losses. While he may have missed out on a billion-dollar fortune, Laszlo’s contribution to Bitcoin’s growth is undeniable.

His simple act gave Bitcoin real-world credibility it hadn’t had before. This credibility helped open the door for everything that followed from blockchain innovation to global investment.

So, every Bitcoin Pizza Day, people don’t just celebrate a meal. They honor a moment that helped change the future of money.

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