11 years ago, the first real-world bitcoin purchase was conducted, and now each May 22 we celebrate Bitcoin Pizza Day. Yes, for real!
A programmer and Bitcoin miner named Laszlo Hanyecz got bored one night and thought it would be kind of cool to buy something with his mounds of accumulated bitcoin. He ended up ordering two Papa John’s deluxe pizzas and paying 10,000 BTC for the food. (Don’t have a heart attack — a bitcoin was only worth a few cents at the time.)
Last year we celebrated the 10th Anniversary of this momentous occasion, which proved for the first time that bitcoin could be a viable currency. So, take that, Tesla! People might not be able to buy your cars with bitcoin anymore, but they can still buy pizza!
But let’s be honest here. Bitcoin is designed to work best as a store of value rather than a medium of exchange. Sure, you CAN spend it … but other digital currencies like Bitcoin Cash and Litecoin are usually better for small daily purchases. On the flipside, those coins are worth next to nothing in comparison to Bitcoin over the past few months. So Bitcoin has proven a better investment.
Even with Bitcoin’s value dropping over the past week, thanks in part to Tesla reverting their decision to accept it for purchases (seems like Elon Musk can make prices of any digital currency go up or down at the drop of a tweet), it has still had an incredible price journey over the past decade.
In fact, while the original pizza purchase cost approximately $100 … and last year we calculated that same pizza purchase to be worth $92 million by 2020 prices … today those two pizzas would have cost a whopping $360 million.
Or if you could only afford one, that’s a measly $180 million.
So Happy Bitcoin Pizza Day. Maybe enjoy a slice that’s a little bit more reasonably priced today!
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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