The $100 Million Pizzas

10 years ago this month, a man named Laszlo Hanyecz bought the most expensive pizza in the history of the world. Actually, he bought two of them. They were not extraordinary pizzas by any means. In fact, they were two large pizzas from Papa John’s.

Laszlo was determined to make the very first Bitcoin transaction, and he did. He found someone online who agreed to facilitate the delivery of two Papa John’s pizzas to Laszlo’s house in exchange for a cool 10,000 Bitcoins. When the pizza delivery took place in 2010, those 10,000 Bitcoins were worth about $40 in total. Today, 10,000 Bitcoins would be worth about $100 million. That is just over $6 million per slice.

I would not feel too sorry for Laszlo. I imagine he held onto some Bitcoins and is doing just fine.

Some people believe Bitcoin already had its big boom in 2017 when it climbed to a price that was about twice as high as it is today. Others believe this is still the beginning.

Let me say that I will not be buying any pizzas with Bitcoin any time soon.

For anyone interested in reading a fundamentally informative perspective on Bitcoin from a highly respected investor, I recommend this recently released letter from Paul Tudor Jones. You can skip to start at the “Seeking Refuge” section header at the bottom of page 4 for the part about Bitcoin. I really enjoyed it.