Featured Image Credit: 60 Minutes/CBS
Topics: Bitcoin, Cryptocurrency, Money, Technology, US News, Donald Trump
Ellie Kemp
Topics: Bitcoin, Cryptocurrency, Money, Technology, US News, Donald Trump
A man who made history when he traded 10,000 Bitcoin (BTC) for two pizzas in 2010 could've been absolutely loaded today.
If you were told you could either eat two pizzas you'd been craving all day or instead become a millionaire 14 years later - which would you take?
Well, Bitcoin investor Laszo Hanyecz must be kicking himself - especially now the cryptocurrency is expected to soar in value following Trump's US election win.
In fact, Bitcoin hit a record high of more than $75,000 on Wednesday morning (November 6), toppling its previous record of just under $74,000 recorded in March.
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The surge of more than 10 percent began Tuesday night as counts began to be declared and it was projected the pro-crypto Republican would likely beat Democrat Kamala Harris to the White House.
But Laszo didn't have a crystal ball, and 10,000 bitcoin was worth just $41 at the time of his trade. Back on 18 May, 2010, Hanyecz took to the internet to go on Bitcoin Forum, offering 10,000 bitcoins for 'a couple of pizzas'.
Little did Hanyecz know at the time that he should've probably asked for toppings of diamonds and gold on his pizza rather than 'cheaper' ingredients if he was really going to get his 10,000 bitcoins' worth.
Neither did any others realize at the time just how much the bitcoin would go on to value, with Hanyecz even taking to the thread on May 21, 2010 to question: "So nobody wants to buy me pizza? Is the bitcoin amount i'm offering too low?"
A few days later, Hanyecz updated those following the thread he'd successfully 'traded 10,000 bitcoins for pizza' - Papa John's to be precise - adding it was an 'open offer' and he would continue trading the same sum for 'about 25 dollars total, maybe 30' worth of pizza.
By August 4, the dad closed the offer, noting he couldn't afford to 'generate thousands of coins a day anymore' and it's just as well, because he would've lost not just thousands of bitcoins but even more hundreds of millions of dollars would've escaped his grasp years down the line.
While 10,000 bitcoin equalled the price of two pizzas in 2010, 10,000 bitcoin now, following Trump's victory, equates to an eye-watering $727,222,484, according to Wallet Investor rates at the time of writing.
And Hanyecz didn't just spend 10,000 bitcoin on pizzas, but an estimated 100,000 before he closed his offer on 4 August, 2010, as reported by the Independent.
This means he didn't just lose out on $727 million, but a staggering $7.27 billion. Ouch.
So, the real question is, was the pizza really worth it or does Hanyecz regret it?
Well, the Bitcoin seller told Bitcoin Magazine in 2019: "I wanted to do the pizza thing because to me it was free pizza. I got pizza for contributing to an open-source project.
"Usually hobbies are a time sink and money sink, and in this case, my hobby bought me dinner."
He resolved to Coin Telegraph: "I think that it’s great that I got to be part of the early history of Bitcoin in that way."