Bitcoin is Going Ubiquitous
Well, that commercial transaction was the first ever recorded in the crypto archives. So, Hanyecz was apparently delighted that the fellow Bitcoin enthusiast accepted the 10,000 BTC in exchange for 2 pizzas in Jacksonville, Florida. The coder noted that he offered to pay the sum for two huge pizzas because he wanted to have enough left-over to eat the next day. Interestingly, the other programmer who received the 10,000 BTC bought the pizzas for merely $25. According to Hanyecz, Bitcoin was worth $41 at the time. In other words, the British recipient assumed he got himself a great deal for selling the two pizzas for 10,000 BTC (or $82 at the time). Ever since the transaction took place, the market value of the preeminent crypto has been a roller-coaster.
At the end of 2017, Bitcoin grabbed the headlines of top-tier finance newspapers because one BTC exchanged for $20,000. Before long, the digital money infiltrated trades, discussion, and investment firms across the Wallstreet. Despite how much BTC value has rocketed, several merchants would turn it down at the time. In all fairness, it was largely due to its hammock-swinging market volatility. In spite of the downside, plethora of merchants continue to embrace the new payment method. In fact, the same year, market analysts at American multinational investment bank Morgan Stanley noted that it had become difficult to see places to buy goods without seeing Bitcoin as a payment method. On the bright side, several trading firms turn to crypto to expand their trading pairs. Before long, DRW and Virtual Financial became the newest on the crypto-trading block. Today, many others have adopted the digital currency, including Tesla and Mastercard. Well, the widespread adoption of Bitcoin means that it will strengthen its market value, improve liquidity and reduce market volatility.
If only Hanyecz could turn back the hands of time on his BTC purchase
At the time of writing this piece, the price of ONE Bitcoin is $62,782.60. Imagine that the Florida programmer changed his mind about paying for the two pizzas. Well, that means he would have had about $627,782,600 worth of Bitcoin. Isn’t it rather hilarious that that was how much he had to part just to have two John Papa’s tasty pizza? Again, just think of what the sum can buy today. No, don’t think – let’s look at them together. Yes, Hanyecz can buy himself a Tesla with it. He can pay his mortgage. That’s not all. He can cruise around the world and go on vacation at his favorite beach or resort anywhere in the world. The programmer can do all this and more with the same amount he bought two pizzas with a decade ago.
Obviously, all this just points to the fact that the price of Bitcoin keeps rocketing – not without some pitfalls along the line. However, since the crypto has grabbed Wallstreet’s attention, it can only mean that more institutional investors will give it a shot. Some crypto maximalists would wonder: “What’s the essence of working so hard to make money when one can acquire some BTC, save it in their cold wallet, and sell it years later?” As regards its projections, Bitcoin evangelists are already forecasting that the crypto would hit $100,000 before the end of 2021, with Anthony Pompliano leading the pack. Whatever be the case, it is safe to say that Hanyecz would be feeling like the biblical Esau for parting with $627,782,600 worth of Bitcoin for two yummy pizzas. Oh, if only he could turn back the hands of time. However, the programmer will always console himself with the fact that the entire crypto sphere is talking about the foremost, epoch-making commercial transaction.
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