Nine years ago, to the day May 22nd 2010, early Bitcoin enthusiast Laszlo Hanyecz exchanged 10,000 BTC for two pizzas, with 1 Bitcoin priced at $0.003, it cost him just $30. However, had Laszlo kept his coins, and let them appreciate over time, at the peak of the last bull-run, those 10.000 BTC would have been worth just short of $200m. Even at today’s prices, the value is approximately $78m.
Since the now infamous story behind the Bitcoin pizza transaction, May 22nd has now been officially crowned”Bitcoin Pizza Day” by the crypto community. Lessons were majorly learnt from this story. It would have been beyond their wildest dreams for BTC’s price to even hit $10, let alone get well into the thousands. It has given many HODLers the faith and optimism that their invested coins will one day reach similar relative heights, and they are willing to HODL throughout even the coldest of crypto winters.
If we think we are still early within the crypto journey, that transaction would have been prehistoric. What became of those coins, we will never know. However, we may just stick to spending fiat in the meanwhile.
Image licensed via Shutterstock