Today is Bitcoin Pizza Day. Yes, the day when you can abandon the diet for a while and eat a few pieces of delicious pie with melted cheese, ham, peppers and… yes, without pineapple, of course.
Bitcoin Pizza Day
What is this Bitcoin Pizza Day all about? This commemorates a transaction that was recorded in the blockchain in May 2010. The person behind it was a programmer from Florida, Laszlo Hanyecz. On May 22, 2010, he got hungry and decided to spend 10,000 BTC for two large pizzas with cheese, olives and salami. He announced the transaction proposal on the BitcoinTalk Forum. Jeremy Sturdivant from California replied. Both men exchanged. Yes, Hanyecz exchanged 10,000 bitcoins for two probably delicious pies.
To understand this financial and culinary decision, you need to know that at that time 10,000 BTC cost USD 41. Let us also add that at that time, exchanging BTC for dollars was not as easy as it is today. The market of currency exchange offices and stock exchanges was just in its infancy. The first such platform, Bitcoin Market, was established in February 2010. However, it was not popular.
Let's try to break into an alternative reality and imagine what would have happened if Hanyecz had not exchanged bitcoins for pizza. Sebastian Seliga, zondacrypto analyst, calculated for us how easily a programmer could become a multimillionaire:
- Within nine months of purchasing the pizza, in February 2011, the value of one bitcoin reached parity with the US dollar, meaning 10,000 bitcoins were worth about $10,000.
- In June 2011, more than a year after the transaction, the price of bitcoin increased thirtyfold, reaching about $30 per bitcoin, which meant that 10,000 bitcoins were worth $300,000.
- In 2013, the value of these 10,000 bitcoins exceeded one million dollars as the price of bitcoin continued to rise.
- In 2017, when the price of bitcoin exceeded $19,000, the value of 10,000 bitcoins used to buy pizza exceeded $190 million.
- At Bitcoin's highest price of around $68,990 in November 2021, those 10,000 bitcoins would be worth a whopping $689 million.
Well, I guess it was better to hodl.
Conclusions from Pizza Day
However, in his conversation with us, Seliga pointed out that purchasing two pizzas for bitcoins had some significance for adoption. In his opinion, Bitcoin Pizza Day should remind us of the following factors:
- Real-world use: Hanyecz's transaction proved that bitcoin could be used in everyday transactions, which was a significant step towards its acceptance as a currency.
- Potential Gains: Bitcoin's rapid rise in value since 2010 shows the potential for cryptocurrencies to generate significant wealth. This, in turn, attracted the attention of both investors and speculators.
- Market Unpredictability: Bitcoin Pizza Day is a reminder of the volatility of the cryptocurrency market and the need to have a long-term investment perspective.
- Evolution and progress: From a simple transaction of buying a pizza, cryptocurrencies have evolved into tools enabling complex applications in various industries such as finance, logistics, health and even art.
- Early Adoption: Hanyecz's post on the BitcoinTalk forum sparked interest in cryptocurrencies in the small online community, which contributed to early adoption and increased awareness of cryptocurrencies. This community was crucial for the further development and popularization of bitcoin.
How about pizza in Bratislava?
Enough of this knowledge and history! Time for pizza! Where to eat one? Our other partner, Ari10, is sponsoring the Global Pizza Party_Bratislava 2024 event today. Yes, you can eat a delicious pie in Bratislava! You can read more about the event at the link: https://app.unlock-protocol.com/event/global-pizza-party-bratislava-2024.
In addition, today you can trade on the company's platform at a discount. Just use the code PIZZADAY50 when making a sale or purchase transaction.
Summary: to eat pizza or not to eat it?
The answer to the above question is simple: eat! Maybe only in reasonable amounts. And not necessarily by paying a lot of bitcoins for the cake.
