So today I have an interesting story.
This one is pretty CRAZY, and could in affect get more crazy in the future as I’ll explain at the end…
The story revolves around a dude by the name of Laszlo Hanyecz, a Florida-based programmer.
And it begins on May 18th 2010.
The setting? The BitcoinTalk forums.
These are OG forums for the early adopters of Bitcoin, and there are some legendary discussions from the early days like this one.
At the time, 1 Bitcoin was less than a cent, and Laszlo offered to pay 10,000 bitcoins (around $41 at the time) for a couple of pizzas.
Three days after his offer didn’t have any suitors, Laszlo proclaimed:
“So nobody wants to buy me pizza? Is the bitcoin amount I’m offering too low?”
He goes on:
“I just think it would be interesting if I could say that I paid for a pizza in bitcoins”
Well, the next day, his wish was answered as a user by the name of jercos traded two pizzas for 10,000 bitcoins.
Here is proof of that transaction by the way. Very cool.
Also check out the value when transacted!
1 Bitcoin was less than a cent.
The real name of jercos?
He was just 18 years old at the time of the transaction in 2010.
Now, 10,000 Bitcoin is the equivalent of $72MM today!
Or at the time of this interview, $80MM.
When asked if he regretted paying 10,000 Bitcoin for two pizzas, Laszlo emphasised the fact that he got to play a crucial role in the early adoption of Bitcoin and be part of history.
Of course, he also started the tradition of Bitcoin Pizza Day, held on the 22nd May annually to celebrate the first ever use of Bitcoin to buy pizza.
It gets worse though:
After that first pizza purchase in 2010, Laszlo continued to spend his Bitcoin – in fact he told Cooper Anderson that he had spent around 100,000 Bitcoin, much of it on pizza.
Today, that is the equivalent of around $720,000,000!
This story could get even crazier in the coming years.
The next Bitcoin Halving occurs in May 2020, check out the Bitcoin Halving video for more on that.
One of the unique aspects of Bitcoin as an asset is the fact that there is a finite total supply (21 MILLION BITCOIN) and pre-programmed supply SCHEDULE provided by these halving events.
Disclaimer: this is not investment advice and is for entertainment purposes only.
Let’s have a look at how much those two pizzas (10,000 Bitcoin) could be worth at different (HYPOTHETICAL) prices for Bitcoin:
IF Bitcoin hit $10,000, THEN that would be $100MM
IF Bitcoin hit $100,000, THEN that would be $1B
IF Bitcoin hit $1,000,000, THEN that would be $10BN
Now of course these are hypothetical price points, but how amazing would it be if those two pizzas ended up being worth billions of dollars?