The Great Rising of Bitcoin
In an unbelievable story highlighting the unpredictable nature of cryptocurrency, one man's decision to purchase two pizzas with Bitcoin 13 years ago has turned into an astonishing missed opportunity worth a staggering $437 million.
The story of Laszlo Hanyecz, who exchanged approximately 100,000 bitcoins for pizzas in 2010, serves as a testament to the incredible rise in Bitcoin's value.
Bitcoin Value in 2010
On May 18, 2010, Hanyecz posted a trade on the Bitcoin Forum with a unique proposition: He was willing to trade 10,000 bitcoins for a couple of pizzas.
In his post, he emphasized his requests for toppings, including onions, peppers, sausage, mushrooms, tomatoes, and pepperoni.
At the time, Hanyecz didn't know that his craving for pizza would turn into one of the most expensive meals in history.
Hanyecz's offer was accepted, and on May 22, he excitedly announced that he had successfully traded 10,000 bitcoins for two Papa John's pizzas.
He even kept the offer open, extending the opportunity to trade the same amount for approximately $25-$30 worth of pizza for the next time.
However, as time went on, the value of Bitcoin skyrocketed, leaving Hanyecz with a realization that would sting for years to come.
After 3 months of trading by Bitcoin, Hanyecz ended the deal on August 4th, stating that he could no longer afford to "generate thousands of coins a day."
The growth rate exceeds predictions of today's Bitcoins e-currency
10,000 bitcoins, nowadays, are valued at a staggering price of $437,000,000, based on current market rates.
Hanyecz not only spent 10,000 bitcoin on those two pizzas but also an estimated 100,000 before his offer ended on August 4, 2010.
Accordingly, he lost out on an incredible $4.37 billion, not just $437 million.
The Bitcoin seller shared: "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."
