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Bitcoin Pizza Day, celebrated this Wednesday, May 22, holds a special place in the world of cryptocurrency. It marks the first time Bitcoin was used to purchase real-world goods. And what was the first item ever bought with Bitcoin? Pizza, of course.
On May 22, 2010, a programmer named Laszlo Hanyecz made history by spending 10,000 Bitcoins to have two (large) Papa John’s pizzas delivered to his door. This momentous transaction has since become a legendary tale in the crypto community, commemorated annually as Bitcoin Pizza Day.
The Million-Dollar Pizzas
To understand the significance of Bitcoin Pizza Day, we need to take a journey back to 2010. At that time, Bitcoin was a relatively obscure digital currency, primarily used by tech enthusiasts and early adopters. Laszlo Hanyecz, one of these enthusiasts, decided to demonstrate Bitcoin ’s potential by using it to buy something tangible. He posted an offer on the Bitcointalk.org forum, proposing to pay 10,000 Bitcoins for two large pizzas.
After a few days, on May 22, 2010, a fellow forum user accepted the offer and ordered the pizzas for Hanyecz. This seemingly ordinary transaction turned into a landmark event, as it was the first recorded instance of Bitcoin being used to purchase a physical item. Back then, 10,000 Bitcoins were worth around $41, making the cost of the pizzas quite reasonable. However, Bitcoin’s value soon began to rise exponentially.
The Soaring Value of Bitcoin
Nine months after the famous pizza purchase, the value of those 10,000 Bitcoins had already risen to $10,000. Fast forward to 2015, and the two pizzas would have cost him an astonishing $2.4 million. By 2021, when Bitcoin reached an all-time high of $63,000 per Bitcoin, the value of the pizzas would have been a jaw-dropping $630 million. It’s no wonder that Hanyecz’s purchase is often referred to as the most expensive pizza order in history.
What Could Hanyecz Have Bought Today?
Let’s play a little game of “what if.” What if Laszlo Hanyecz had decided to hold onto his 10,000 Bitcoins instead of spending them on pizza? As of Bitcoin’s peak value of $68,990 in late 2021, Hanyecz’s 10,000 Bitcoins would have been worth nearly $690 million. To put that in perspective, here’s a list of things Hanyecz could have bought with that kind of money:
Pizzas
At an average price of $15 each (in the US), Hanyecz could have indulged in 46 million Papa John's pizzas. That’s enough to feed a small country!
Luxury Homes
Beverly Hills Mansion: A sprawling estate with 20,000 sq ft of living space, 10 bedrooms, 15 bathrooms, a pool, and a private cinema for $100 million. He could buy 6.9 of these mansions.
Penthouse in New York City: A 10,000 sq ft penthouse with stunning city views, 6 bedrooms, and 8 bathrooms for $80 million. He could purchase 8.6.
Villa in the French Riviera: A luxurious 12,000 sq ft villa with 8 bedrooms, a private beach, and a large infinity pool for $70 million. He'd own 9.9 villas.
Private Islands
Musha Cay in the Bahamas: A 150-acre private island with multiple guest villas, a private airstrip, and a full staff for $50 million. That's 13.8 islands.
Cars
Bugatti Chiron: One of the most expensive and luxurious cars in the world, costing $3 million each. He could buy 230.
Rolls-Royce Phantom: The epitome of luxury, priced at $500,000 each. He'd own 1,380.
1962 Ferrari 250 GTO: A highly sought-after collector’s car, sold for $48.4 million. He could buy 14.3.
Private Jets
Gulfstream G650: A state-of-the-art private jet with a price tag of $65 million. That'd be 10.6 planes.
Yachts
Superyacht: A 200-foot luxury yacht with a helipad, multiple decks, and lavish interiors for $150 million. Fancy 4.6 superyachts?
Fine Art
Leonardo da Vinci's Salvator Mundi: The most expensive painting ever sold at auction for $450 million. You'd end up with 1.5 of these masterpieces.
Van Gogh's Sunflowers: Valued at approximately $80 million. 8.6 copies, anyone? Though we'd suggest a refund on 7.6 of them.
Entertainment
Six Flags Amusement Park: Building a new theme park costs around $300 million. But then who needs more than one?
Luxury World Cruise: A 4-month ultra-luxury world cruise on a private yacht can cost up to $250,000 per person. He could fund a trip for 2,760 people.
Space Tourism: A ticket to space with SpaceX or Blue Origin costs around $55 million. 12.5 people to space, please.
Charity
Endow a Scholarship Fund: He could set up a $690 million endowment fund.
A Lesson in Hindsight
While Laszlo Hanyecz’s story might be amusing and even a little painful to think about, it offers a valuable lesson in hindsight and the unpredictable nature of investments. At the time of his purchase, Bitcoin was a novelty, and its future was uncertain. Hanyecz’s transaction helped to demonstrate the practical use of Bitcoin and contributed to its growing legitimacy as a form of currency.
Hanyecz himself has taken the story in stride, maintaining a sense of humor about the whole situation. In a 2019 interview with CBS, he told Anderson Cooper that the transaction “made [Bitcoin] real for some people. It certainly did for me.” Despite the missed financial windfall, Hanyecz’s contribution to Bitcoin’s history is undeniable, and his story continues to inspire and entertain the crypto community.
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