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  • We wish you a… Happy Bitcoin Pizza Day 2021

    21 May 2021

    Andy Wood

    11 years ago, on 22 May 2010, bitcoin was used for the first time to buy something.

    This seminal event was carried out by US computer programmer, Laszlo Hanyecz. He decided to use some of his hard-earned bitcoin to buy a pizza. We are unsure of the topping, but that seems unimportant.

    There was one flaw in this plan.

    No one accepted bitcoin as payment.

    However, not letting this fact get in his way, Laszlo posted in a forum the following:

    “I’ll pay 10,000 bitcoins for a couple of pizzas… You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins…”

    His crypto cry for help was answered by a student called Jeremy Sturdivant. They finalised the deal and Laszlo paid Jeremy the 10,000 bitcoins for two Papa John pizzas.

    At that time, 10,000 bitcoin was worth about twenty quid.

    As of 20 May 2021, this is worth nearly £278m! However, just over a month ago, it was over £450m!

    Earlier in the year, we were told that Tesla had invested over $1bn in bitcoin. Further, we were told that you could buy your very own brand new Tesla using the cryptocurrency.

    However, it appears more recently that Elon Musk has done a volte face on bitcoin – withdrawing the ability to use bitcoin as a medium of exchange as quickly as he had advertised it. We are told that this is due to the fact that the well understood energy costs of mining bitcoin was out of kilter with the green vision of Tesla. 

    However, I strongly suspect that it was the realisation that bitcoin simply was not the right medium of exchange for him to buy his favourite takeaway. 

    Bearing in mind his green credentials and the size of his foray in to crypto, it certainly as plausible as the official reason!

    ETC Tax are leading tax advisers in the crypto asset space. If you are a crypto investor, trader, miner or involved in any crypto funds then we would be happy to assist. Please do not hesitate to get in touch.

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    Please provide as much detail as possible in regards to the reason for your enquiry so our tax advisers can prepare and tailor their response to reflect your needs. We will endeavour to - respond / call you back - to discuss your enquiry and you will not be charged for this time.

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