Imagine owning shares in a groundbreaking tech company. How much would you be willing to part with to support its growth? Startup founders constantly face this dilemma during fundraising. About a decade ago, one developer made this calculation using Bitcoin.
Worth $100 Million Today
Laszlo Hanyecz is renowned as the first person to use Bitcoin for a real-world purchase. On May 22, 2010—just over a year after Bitcoin’s creation—he spent 10,000 BTC to buy two pizzas.
May 22 is now celebrated as Bitcoin Pizza Day. At today’s price of ~$92,000 per BTC, those two pizzas would be worth **$92 million** (≈¥10 billion).
This story highlights Bitcoin’s primary use case: speculation. Its decade-long price surge has captivated investors, dominated financial headlines, and fueled mass adoption. For many, Bitcoin symbolizes a path to wealth.
👉 "Bitcoin taps into human desire," Hanyecz remarked during an interview from his Florida home. The driving force behind Bitcoin is human greed.
A peer of Satoshi Nakamoto (the two exchanged messages, he revealed), Hanyecz was among Bitcoin’s earliest miners.
While speculation is often stigmatized, it’s been integral to Bitcoin’s DNA since inception. Even Federal Reserve Chair Jerome Powell acknowledges Bitcoin’s role as a "speculative store of value."
Bitcoin Payments: Just 2–3 Weekly Transactions
Bitcoin’s volatility—while attractive to investors—complicates its utility as electronic cash.
Now a developer at apparel brand GORUCK, Hanyecz notes the company accepts Bitcoin payments due to his notoriety. Yet transactions average only 2–3 weekly over the past two years.
"Long-term holders saw significant gains. Some sold at $3,000, others at $11,000. Dollar-cost averaging works," he said.
This reality hinders everyday Bitcoin spending. However, projects like Lightning Pizza streamline payments.
"Businesses can’t afford to hold assets for four years—but those who did profited."
Can Bitcoin Function as Digital Gold?
As digital gold, Bitcoin’s appeal lies in long-term value preservation rather than commerce.
The 2020 halving—which curbs inflation—proceeded as scheduled amid central banks’ COVID-era quantitative easing. Days later, someone moved 2009-mined BTC for the first time.
Long-term holding undeniably bolsters Bitcoin’s value.
"It’s a fascinating system, but no one uses it. If adoption stalls, owning all Bitcoin means nothing," Hanyecz mused.
While widely held, Bitcoin remains experimental. As hedge funds bet on its digital gold potential, this scenario grows plausible.
Bitcoin shares metals’ malleability. In a decade, a $92M pizza may seem trivial.
FAQ
1. Why is Bitcoin Pizza Day significant?
It commemorates Bitcoin’s first real-world transaction, symbolizing its evolution from code to currency.
2. Did Laszlo Hanyecz regret his purchase?
No. He views it as pivotal for Bitcoin’s adoption, despite the pizzas’ current value.
3. How does Bitcoin’s volatility impact spending?
Price swings discourage daily use but incentivize long-term holding.
4. What’s the Lightning Network’s role?
It enables faster, cheaper Bitcoin transactions, making micropayments feasible.
5. Is Bitcoin more "digital gold" than cash?
Increasingly yes—its scarcity and durability mirror gold’s properties.
6. Could Bitcoin’s value keep rising?
👉 History suggests yes, but adoption and regulation remain key variables.