Bitcoin has passed the $100,000 threshold for the first time. At approximately 9:39PM ET this evening, the cryptocurrency’s value hit six figures, moving it past the milestone for the first time in its nearly 16-year history.
That also means the legendary Bitcoin pizza order is now worth $1 billion. For those not in the loop, a Florida man — because, of course it was a Florida man — paid 10,000 BTC for two Papa John’s pizzas over 14 years ago in what’s considered the cryptocurrency’s first commercial transaction.
“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,” Laszlo Hanyecz posted in a crypto forum on May 18, 2010. Four days later, a British man took him up on the offer. That amount was only worth $45 at the time. (And the UK man only paid Papa John’s $25!) But only nine months later, the transaction’s value had skyrocketed to $10,000.
Hanyecz told The New York Times in 2013 that he had no regrets about the then-$6 million pizza order. “It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” he said. “No one knew it was going to get so big.”
I wonder if Florida Man has any regrets now that his fee for those two Papa John’s pizzas is worth a billion dollars.
Looking at it another way, Papa John’s current market cap is $1.567 billion. So, had Hanyecz saved his crypto instead of ordering those two pizzas, he could have bought nearly two-thirds of the company that baked his pie today.
Then, there’s the story of a writer who, in 2017, helped a friend recover (at the time) $200,000 worth of Bitcoin from a broken laptop. Those 40 Bitcoins stuck in a MultiBit wallet for three-and-a-half years are worth more than $4 million today (so long as the cryptocurrency stays above the $100,000 mark).