{"id":54860,"date":"2018-05-22T14:05:14","date_gmt":"2018-05-22T21:05:14","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=54860"},"modified":"2019-11-07T02:56:03","modified_gmt":"2019-11-07T02:56:03","slug":"the-bitcoin-pizza-is-worth-83-million-today","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/the-bitcoin-pizza-is-worth-83-million-today\/","title":{"rendered":"The Bitcoin Pizza is Worth $83 Million Today"},"content":{"rendered":"

Today is one of the most celebrated days in the crypto community. It\u2019s a day of intrigue, hilarity, and mockery. Dubbed \u201cBitcoin Pizza Day,\u201d May 22nd is the annual celebration of one of the worst financial decisions imaginable.<\/p>\n

The Back Story<\/h2>\n
\"\"
The two pizzas Laszlo Hanyecz bought for 10,000 BTC.<\/figcaption><\/figure>\n

In 2010, Laszlo Hanyecz, a software programmer from Jacksonville, Florida, wanted to test Bitcoin\u2019s usability. Although its creator, the mysterious Satoshi Nakamoto, intended Bitcoin to be used to facilitate transactions, it had minimal traction at the time.<\/p>\n

To prove that it could be used to buy something, Hanyecz, posted a proposition on a message board. He would pay 10,000 Bitcoins for two large pizzas. He wasn\u2019t picky about the pizza. Hanyecz wrote at the time:<\/p>\n

\u201cYou can make the pizza yourself and bring it to my house or order it for me from a delivery place.\u201d<\/p><\/blockquote>\n

Someone in the U.K. took him up on the offer and agreed to order Hanyecz two pizzas from his local Papa Johns. Although the pizzas only cost $25, Hanyecz paid about $40 worth of Bitcoin to for the experience.<\/p>\n

Of course, the novelty of the moment has given way to incredulity at the decision.<\/p>\n

In a 2013 interview with the New York Times<\/a>, Hanyecz defended his actions:<\/p>\n

\u201cIt wasn\u2019t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool\u2026No one knew it was going to get so big.\u201d<\/p><\/blockquote>\n

Bitcoin<\/a> did get big, and Hanyecz lost a fortune in the gambit.<\/p>\n

Lessons Learned<\/h2>\n

Now, Hanyecz\u2019s experiment is a cautionary tale for crypto skeptics or those looking to unload their digital currency.<\/p>\n

As an ominous reminder of the possible growth of cryptocurrencies, the Twitter handle @bitcoin_pizza<\/a> posts a daily update on the value of those two pizzas. According to today\u2019s Tweet, Hanyecz\u2019s two Papa John\u2019s pizzas cost him more than $83 million.<\/p>\n

\n

The #Bitcoin<\/a> pizza is worth $83,131,600 today. (-2% from yesterday) Today is Bitcoin pizza day!<\/p>\n

— Bitcoin Pizza ? (@bitcoin_pizza) May 22, 2018<\/a><\/p><\/blockquote>\n