27 MAY 2020

Did someone order Pizza? 10,000 Bitcoin BTC For Two Pizzas in 2010 Now Worth $90,000,000

Ten years ago on the 22nd March 2010, computer programmer Laszlo Hanyecz made history when he bought two pizzas using Bitcoin (BTC). He completed the very first documented commercial Bitcoin purchase. He paid 10,000 BTC for two Papa John’s pizzas. Valued at $41 at the time.

It’s crazy to think that at the current market pricing today that purchase would cost a staggering $92.5 million price tag.

That would get you roughly 5,441,176 Extra Large Cheese Original from Papa johns today… Another way to look at it, you could buy each person in Norway a pizza! Norway has a population of 5,421,241 as of 2020.

Hanyecz made this first real-world transaction using cryptocurrency after creating a post on the Bitcointalk forum, asking if anyone would be interested in trading Bitcoin for food. You can see the original post made where Hanyecz buys a pizza with bitcoin. It’s actually a good read.
“What I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!”

Jeremy “Jercos” Sturdivant, who was 18 years old at the time, sent him two pizzas for 10,000 BTC after negotiating the food deal. On May 22nd, Hanyecz confirmed the successful BTC transaction.

The value of Bitcoin at the time was only about $0.0041, which mean these pizzas only cost $41.

Today, Bitcoin is equivalent to about $9,085, which means the 10,000 BTC Hanyecz spent on two pizzas over 10 years ago is now worth more than a whopping $90,000,000.

In an interview with 60 Minutes, Hanyecz said he enjoys having this crypto honour. The first person to buy something with bitcoin.

“I just honestly thought it would be really cool if I could say I just traded this open-source internet money for a real-world good, and I thought what better thing than food? Food is a basic necessity and every geek understands pizza.”

However, apparently, a pretty big chunk of these coins still remain in a wallet out there somewhere…

In tracing the pizza Bitcoin, Coinfirm found 5.79% of the original 10,000 BTC found its way to one of the most sizeable Bitcoin wallets currently in existence. Totalling over $5 million, about 579 of the pizza BTC still occupy the 12th largest wallet in the Bitcoin space.

Top 100 BTC wallet address: Rich List (Last update 2020-05-25)
Whoever owns this address accumulated a lot more Bitcoin over the years as the wallet now totals close to $500 million in Bitcoin, Blaisdell explained.

“We don’t know who controls the address as it doesn’t seem to be tied to or owned by a commercial entity such as an exchange or wallet. The fact that the person is unknown a cool and mysterious Satoshi feel to it.”

Author: Chris Wyatt