Key Takeaways
- Bitcoin Pizza Day marks the first time BTC was used for a real-world purchase.
- The two pizzas cost $41, or 10,000 BTC at the time. This would be worth over $1.1 billion today.
- Pizza Day sparks FOMO, but is a reminder of BTC’s long-term potential.
Some call him a pioneer, others a fool. In 2010, Florida man Laszlo Hanyecz spent 10,000 Bitcoin (BTC) on two large Papa John’s pizzas, a transaction that cost him just $41 at the time.
Fifteen years later, that meal would be worth over $1 billion.
For some, Bitcoin Pizza Day is a painful reminder of once-in-a-lifetime financial opportunities lost. For others, it’s a reason to zoom out, a symbol of just how far Bitcoin has come, and a testament to its long-term value.
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Bitcoin Pizza Day
On May 22, 2010, Laszlo Hanyecz posted on the Bitcoin Talk forum , asking if anyone could help him buy two pizzas in exchange for 10,000 BTC, worth just $41 at the time, with Bitcoin trading for only a few cents.
With the help of another Bitcoiner on the forum, Laszlo settled the order. It marked a historic milestone: Bitcoin had been used for a real-world purchase, even if it took a few extra steps to make it happen.
Just a year later, Bitcoin’s price had climbed to around $6.83, making those two pizzas worth nearly $70,000. By May 2013, they would have cost over $1 million. In 2017, they would cost over $21 million. By 2020, they would cost over $90 million.
And today, with BTC hitting a new all-time high above $110,000, that pizza order would be worth more than $1.1 billion.
Coping With FOMO
The story often triggers a deep “fear of missing out,” or FOMO, response from onlookers who, maybe at one point, bought and sold their BTC in the years before it became a global phenomenon.
As evidenced by its $2.2 trillion market cap, BTC has demonstrated its long-term potential. Furthermore, major global forces like the U.S. government, Russia, and others are clamoring to become the crypto powerhouses of the world.
As former Binance boss Changpeng “CZ” Zhao highlights, it’s worth zooming out from the short-term price movements and looking at BTC’s long-term performance.
Whilst his post may reignite the pains of FOMO, it should also serve as a reminder that patience and perspective are everything.
Though, perhaps most importantly, it’s about time in the market, not timing it.
Happy Bitcoin Pizza Day!
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