Hurray! Bitcoin (CRYPTO: BTC) Pizza Week is finally here, reminding us of the time when this prized digital currency was used for the first time for commercial purposes. But do you know that the Bitcoin spent on two Papa John’s pizzas that day could purchase you ultra-luxury products owned by billionaires today?
What Happened: An event immortalized in the cryptocurrency realm, Laszlo Hanyecz, a Florida-based programmer, disclosed on a Bitcoin Forum on May 22, 2010 that he "successfully traded" 10,000 Bitcoins for pizza.
According to the conversation on the Forum, 1 Bitcoin was worth $0.0041 on the historical day, taking the total purchase amount to $41. Seems a long time ago, isn’t it?
Why It Matters: Cut to May 2024 and Bitcoin has exploded since its early days. It is the largest digital currency in terms of market cap as of this writing, with 1 Bitcoin worth more than $67,000, according to data from Benzinga Pro.
That takes the total worth of 10,000 Bitcoins to nearly a whopping $670 million.
So, if our dear friend Laszlo had resisted using up his Bitcoin holdings to pay for Pizzas that day, he could have easily purchased Amazon.com Inc. founder Jeff Bezos' superyacht ‘Koru.' The $500-million sailing boat made waves last year due to its humongous size and high operating costs.
Interestingly, Hanyecz would still have been left with $170 million, more than enough to buy the entire fleet of Tesla Inc. CEO Elon Musk's private planes, which are valued at over $100 million.
These events help in understanding Bitcoin's stupendous growth trajectory over the last decade, making the fortunes of several of its loyal enthusiasts who stuck with the asset through the highs and lows of the market.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
