Many crypto enthusiasts are marking Bitcoin Pizza Day to celebrate the first physical bitcoin transaction which took place on such a day 14 years ago.
The first Bitcoin transaction on May 22 2010 involved an early crypto miner from Florida, United States, who paid for two pizzas with the cryptocurrency.
Just over one year after the bitcoin blockchain went live, Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John’s pizzas. It was pretty easy to get a hold of the cryptocurrencies back then. At the time, each successful miner was rewarded with 50 BTC for discovering a new block. This meant one only needed to mine 200 blocks to earn 10,000 BTC.
What’s even more interesting is that he paid 10,000 Bitcoins, which today is worth over $700 million, for the two pizzas.
The price of Bitcoin buoyed by the approval of spot ETFS in January 2024, now stands at just above $70,206 per coin, according to the latest CoinGecko stats.
Nonetheless, in the lead up to the Bitcoin’s latest halving event on April 20 2024 which slashed miner rewards from 6.25 BTC per mined block to 3.125 BTC, the cryptocurrency had been on a decline from its all-time high price of 73,737.94 achieved on March 14 2024.
BTC Last 90 DaysThe coin, however, is up 12% in the last 7 days, as of this writing, following new excitement over the potential for new crypto ETFs (Exchange Traded Funds) being approved by the United States Securities Exchange Commission (SEC), this team bearing the second most valuable cryptocurrency, ETH.
If Hanyecz had hypothetically sold his entire stash at bitcoin’s current price of $70,140.91, he could have made around 701.3 million – enough to buy 46 million large Papa John’s pizzas at $15 a piece.
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