Surviving a crypto bear market

Theo Mwangi
May 16, 2022
5 min read

On the 22nd of May 2010, Laszlo Hanyecz announced on theBitcoin forum that he had bought two pizzas for 10,000 Bitcoins. This was thefirst time Bitcoin was used to buy physical goods, atleast that we know.

 

On the 18th of may 2010, Laszlo, an early adopter and minerposted “I’ll pay 10,000 Bitcoins for a couple of Pizzas.. like maybe 2 largeones so I have some left over for the next day. I like having left over pizzato nibble on layer… if you’re interested please let me know and we can work outa deal.” On the Bitcoin forum.

 

Another Bitcoin user, Jeremy “Jercos” Sturdivant, agreed tothe terms, and 2 papa John’s pizzas were delivered after 4 days, on the 22nd ofMay.

 

At the time of this purchase, one Bitcoin was worth roughly$0.004, he could have traded the 10,000 Bitcoins for $41 at that time, sincethen, the two pizzas have gotten more and more expensive, in fact, 9 monthslater, Bitcoin reached parity with the US Dollar, bringing the value of the 2pizzas to $10k and atleast 304,390,000 at the time of writing this article and689,900,000 at Bitcoin’s all time high.

 

Jeremy, the receipient of the 10,000 Bitcoins eventuallysold his Bitcoins for about $400, in an interview, he was quoted saying acurrency is meant to be spent.

 

In later interviews, Laszlo insists he has absolutely nosleepless nights over the purchase. “I don’t regret it. I think that it’s greatthat I got to be part of the early history of Bitcoin in that way.”

 

Laszlo went ahead to spend a total of 100,000 Bitcoins thatsummer, pizza was not the only thing he bought!

 

Bitcoin Pizza day did not become a holiday imedeately, butnow it is a celebrated across the World, just like the New Years, in fact inKenya, Women In Blockchain DAO founder Yvonne Kagondu has organized a meet upfor this years Bitcoin Pizza Day at the iHub in Nairobi.

https://bitcointalk.org/index.php?topic=137.0
Theo Mwangi
Vinnie.Kreiger@hotmail.com
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