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All you Need to Know About Bitcoin Pizza Day

Pizza is the most preferred dish by people all around the world. Bitcoin has become more popular and has achieved the most prominent status in the cryptocurrency sector. Initially, Bitcoin was used to purchase pizza; and since then this day is celebrated as the annual Bitcoin pizza day, which falls on May 22nd. This year, the cryptocurrency sector marked the 11th anniversary of the first Bitcoin transaction that was carried out in 2010 in Papa John’s pizza. Let’s dive into the article about how the annual Bitcoin pizza day was initiated and its current scenario on the same.

History

In the beginning, Bitcoin was a new concept relying on blockchain technology; further, ordinary people do not show any interest in that, even though there are several transactions made on Bitcoin. Even now, people are a bit hesitant to use this cryptocurrency. In 2010, Laszlo Hanyecz, a person from Florida purchased 2 pizzas using 10,000 Bitcoins at that time. Considering the current value, these 10,000 Bitcoins have surpassed several million.

Bitcoin Pizza Day

On account of its first purchase, 22nd May was known as Bitcoin pizza day, which marked the 11th anniversary of Laszlo Hanyecz who in 2010 paid for two pizzas with Bitcoins. He is the first person to utilize Bitcoins to purchase pizzas through commercial transactions. From that day onwards, Hanyecz’s pizzas have become quite expensive; after 9 months, when Bitcoin reaches a value equal to the US dollar that made the value of 2 pieces to $10,000. In 2015, the two pizzas were worth $2.4 million. Considering the current scenario on its 11th anniversary, the Bitcoin price has reached as high as $63,000 and the two pizzas are currently worth around $630 million.

What is the value of these two Bitcoin Pizzas in the current year?

The two pizzas ordered from Papa John’s pizza turned out to be historical and the most expensive pizzas around the world in 2010. At that time of the transaction, the price of two pizzas was $44 and the value was around 10,000 Bitcoins. In the present scenario, the BTC price on bitcoin pizza day is $37,536 by making the pizzas worth several hundreds of millions. Considering the volatility of the cryptocurrency market, there was a probability that Laszlo might have become a billionaire.

Who instigated this cryptocurrency Holiday?

In 2018, the first person to buy pizza through the lightning network by just paying 0.00649 bitcoins was Laszlo Hanyecz. This particular situation instigated Anthony Pompliano to proceed with the new initiative known as “Bitcoin pizza” that was used to fund the research and overall development of Bitcoins. He declared that this brand would cover more than 10 cities where the first set of pizzas might be delivered in 2021 on Bitcoin pizza day from May 22 – May 29.

2021 – Bitcoin Pizza Day

Bitcoin pizza has become a global significance and it provides much-needed hype globally. This concept has become widespread and Bitcoin is no longer an unknown asset in 2021. Its value has reached great heights and several big organizations and more companies that have known the Bitcoins worth are accepting Bitcoin as a form of payment. In this way, Bitcoin pizza day celebrates and commemorates the remembrance of the world’s most popular and important cryptocurrency, Bitcoin.

Wrap up

Bitcoin has become more and more popular and its value has reached an all-time high in recent months. People are showing interest to buy Bitcoin in India and other countries. The crypto community is showing great interest in Bitcoin and its other cryptocurrencies to invest long term. Even though Bitcoin pizza day is celebrated every year, we cannot find any evidence that it had been celebrated before 2014. This story has been brought to the spotlight now and then showing how the Bitcoin value has increased from 2010 through 2021.

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