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Bitcoin celebrates pizza day. Here’s how the legendary purchase happened
Alex Dovbnja
Laszlo Hanyecz spent a total of 100,000 BTC on various items
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On this day in 2010, Laszlo Hanyecz, a software developer from Florida, he made history purchasing two pizzas for 10,000 Bitcoin.
This was the first commercial transaction conducted with the help of the original cryptocurrency.
The request to buy pizzas with the help of Bitcoin was posted by Laszlo five days before the actual transactions on the legendary BitcoinTalk forum.
With Bitcoin currently trading at around $70,000, these two Papa John’s pizzas would now be worth more than $700 million. Fourteen years ago these pizzas were only worth $41.
The value of Bitcoins spent to purchase these pizzas is also known as the Bitcoin Pizza Index.
The community is now celebrating Bitcoin Pizza Day on May 22 to commemorate the historic transaction.
Not just pizzas
In 2019, Hanyecz sitting for an interview with journalist Anderson Cooper. She said it would not be healthy for him to think about the fortune in Bitcoin he had spent to buy just two pizzas.
In addition to the two pizzas, Hanyecz also purchased several other items with the help of the original cryptocurrency.
In total, he spent more than 100,000 BTC to purchase various items with Bitcoin. This means that it could have been one of the biggest Bitcoin whales if it had continued to hold the entire sum instead of conducting business transactions during the first phase of Bitcoin adoption.
Bitcoin has failed to gain popularity as a means of payment despite this being the original proposition of its supporters. However, it has emerged as a successful store of value, with holders expecting price appreciation.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.