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Hey credit warriors welcome to the show, this weekend marks the 11th anniversary of the bitcoin pizza story. On May 22nd 2010 Laszlo Hanyecz a Bitcoin programmer, posted a message on the Bitcoin.org forums reading this:
I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins.
At that time 10,000 bitcoins was worth just $41, but he did get someone take him up on his offer. Jeremy Sturdivant, another Bitcoin user on the forum agreed to take Laslo’s order and 4 days later, yeah thats right 4 days, slow delivery guy, 2 papa Johns Pizza’s turned up at Laslo’s house.
Here are the actual photos of the pizza that Laszlo posted online. Hmm what is that he’s got olives, bacon, pepperoni. It is widely believed that this was the first ever instance of Bitcoin being used to purchase something in the real world. But the crazy thing is that if Lazslo had held on to those 10,000 bitcoins instead of trading them for pizza, they would be worth over 375 million dollars at current prices. And 650 million if he had sold at Bitcoin’s recent peak! He would have been able to afford the biggest and most expensive home ever built.
Laszlo went on to shell out over 100k Bitcoins ordering Pizza’s that year, here is another photo of him and his kids getting ready to tuck into two more pies.
And he doesn’t regret not holding on to the Bitcoin. Here is what he said in an interview in 2018:
You know, I don’t regret it. I think that it’s great that I got to be part of the early history of Bitcoin in that way, and people know about the pizza and it’s an interesting story because everybody can kind of relate to that and be [like] – “Oh my God, you spent all of that money!”
Okay, perhaps I think if he really lost all that money he would be crying himself to sleep at night, he’s gotta have at least a few bitcoins from the early days hidden somewhere. But what about the guy who sold the Pizzas and got the 10,000 Bitcoins, what happened to him? Well we are going to tell you the rest of the story in a second, but first of all for those of you interested in making money, which if you are watching this video is probably all of you, you may know the YouTube channel Financial Education, hosted by stock market legend Jeremy. Well Jeremy’s team have put together a free online training on how to identify the next big growth stock. Its on the evening of May 31st. If you are interested in this training hosted by the Financial Education team, click the link below to sign up, it is completely free and put on especially for you guys.
Alright so, those 10,000 Bitcoins. Well Jeremy Sturdivant, another Jeremy, the guy who sold the two Pizza’s said in an interview with Bitcoin who’s who dot com that quote: Those 10,000 BTC made it back into the economy fairly quickly, around the time they were worth some $400.
And no he doesn’t mean a single bitcoin was worth $400, he means the whole 10,000 were worth $400. He adds that he was happy about getting a 10x return on his investment. And humbly says
Bitcoin as a currency is meant to be spent.
He’s gotta still be holding onto some, I don’t believe all these people just only spent bitcoin all these years and never kept even a few aside like a savings account.
Anyway. It’s a cool story and one of the key moments in the development of crypto currency. On interesting thing is that Jeremy swears it was Dominos but Laslo posted pictures of Papa Johns. So it is hard to know whether the photos are from the actual first time Laslo bought pizza with Bitcoin or another time that year, but those PIzza’s in the photos really were bought with Bitcoin.
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