Bitcoin Pizza Day – The most expensive pizza in the world: it’s only $64,874,000.00August 10, 2018
On 22nd May 2018 it was the 8th anniversary of the first Bitcoin business transaction: a man from Florida bought two pizzas paying crypto. That day has become history since, not because of the transaction itself, but because of its price: that man paid 10,000 Bitcoin for two pizzas; today, whilst writing this blog post (9th August, 15:46) those bitcoin would be worth 64,874,000.00 US dollars!
On the 22nd May 2010, day now known as “Bitcoin Pizza Day”, Laszlo Hanyecz accepted to pay 10,000 Bitcoin for two pizzas from the famous chain Papa John’s. It all started from a request on Bitcointalk, in which the man stated:
“I’ll pay 10,000 for a couple of pizzas…”
A british man grabbed Hanyecz’s offer and bought him two pizzas in return for 10,000 BTC. At that time the beneficiary of Bitcoin did not know he would have made THE Deal, paying just about $20 for two pizzas. Back then, 10,000 Bitcoin only corresponded to $41.
Those Bitcoin are now worth a fortune, making those pizzas the most expensive ones in history!
Only 9 months after that transaction, Bitcoin reached $1 rate, then constantly increasing its value till at one point those two pizzas were actually worth $10,000. Back in 2015 (during its 5th anniversary) those pizzas were valued at a $2.4 million.
At the time of writing, one Bitcoin is worth 6,484.00, so the value of those pizzas is…MILLIONAIRE!
Hancyecz did not seem to be disappointed for the deal at that time. He told to the NY Times: ‘It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool. No one knew it was going to get so big.”
One thing is for sure: 8 years ago the Crypto market was totally different. The truth is that Hanyecz underestimated the power of study and analysis of Bitcoin and at that time he thought “Bitcoin was just worthless”.
Today we know much more about Crypto developments and we can make more rational (and less sensational) choices.
compared to 2010 we’ve got a whole new awareness:
- In 2010 BTC was known as the “internet coin”. It was the first and only virtual currency, that was the forerunner to a completely new market. Then new projects were created and so new cryptos to satisfy specific market needs.
Xriba project itself was born to bring transparency and accountability making crypto payments available for businesses on the Blockchain;
- Laszlo Hanyecz did not have historical data or judgement metrics to really understand the real value of crypto and underestimated the project. To him, trading bitcoin for two pizzas was a good deal: he could exchange ‘worthless’ coins for something edible! There weren’t individuals or businesses that accepted crypto as means of payment. But today it’s a whole different story! Plenty of business nowadays accept crypto payments.
- After every low there is always a high. After years of crypto price analysis it’s easy to see that their trend is cyclic or anyway related to market patterns that alternate bullish and bearish moments.
The lesson is pretty clear: we must be patient and understand when the project has the maximum potential to give exponential returns.