The following is an excerpt on Bitcoin Pizza Day from „Fiat Ruins Everything” by Jimmy Song. Visit the Bitcoin Magazine Store to order a print, digital or audio copy of the book.
Pizza Day is often viewed with a sense of regret.
The well-known story goes like this: many years ago, Laszlo Hanyecz bought two Papa John’s pizzas, and in return, some fortunate person received 10,000 BTC.236 This tale resembles that of Peter Minuit purchasing Manhattan Island for a mere $24. It’s hard to believe such a transaction took place, considering the current value.
The story has several intriguing aspects. It marked the first real-world good or service purchased with Bitcoin. It also established Bitcoin’s price; since the two pizzas cost around $41, one BTC was approximately $0.0041.
Another aspect of this narrative is Laszlo, a pioneer in mining Bitcoin using GPUs (graphics processing units).237 He spent around 100,000 BTC on pizzas
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