🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Papa John's Two Pizzas Became a $1 Billion Mistake in Bitcoin
Programmer Laszlo Hanyecz's purchase of two Papa John's pizzas for 10,000 Bitcoins in 2010 has become a legend in the world of cryptocurrency. With the current market price of 95,230 dollars for one Bitcoin, those pizzas are now worth over 952 million dollars, making this transaction a profound reminder of the extraordinary increase in Bitcoin's value. Hanyecz's purchase, considered the first commercial Bitcoin transaction, still stands as a milestone in the history of cryptocurrency. In a 2019 interview with CBS's 60 Minutes, Hanyecz reflected on this event, saying, "I just posted on the forum. I said, 'You know, if anyone's interested, I'll pay 10,000 Bitcoins for a pizza.' Someone there said, 'Hey, I'll take you up on that offer,' so I sent him 10,000 Bitcoins. He paid with his credit card, and the pizza showed up at my door." Although this transaction demonstrates the utility of Bitcoin as a medium of exchange, its historical significance has increased as the value of Bitcoin has skyrocketed, turning this purchase transaction into a meme and a major topic of discussion in the cryptocurrency community. Over the years, the opportunity cost of 10,000 BTC has increased exponentially. By 2016, their value had reached $4.4 million. Two years later, on Pizza Day 2018, their value skyrocketed to $41 million. In 2020, the price of Bitcoin pushed that number up to over 80 million dollars, and by Pizza Day 2022, it had risen to over 300 million dollars. Although the market downturn in 2023 saw this number drop to around 268 million dollars, the prediction of Bitcoin reaching $180,000 in 2025 could push the value of 10,000 BTC to nearly 2 billion dollars. On Bitcoin Pizza Day, which is celebrated on May 22nd every year, symbolizes the journey of Bitcoin from an obscure digital currency to a global financial phenomenon. Although Hanyecz's transaction may seem like a costly mistake today, it marked an important milestone in the history of Bitcoin and paved the way for its use in the real world.
To Da Moon 🌕