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Happy Bitcoin Pizza Day

Author

Andy Wood

Andy is a practical, creative tax adviser who assists a variety of clients in achieving their personal and commercial objectives in the most tax efficient manner.

What?!

Exactly 10 years ago, on 22 May 2010, bitcoin was used for the first time to buy a product.

A US computer programmer, Laszlo Hanyecz, decided to use some of the bitcoin that he had accrued to buy a pizza.

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 bitcoins was worth about twenty quid.

As of today this is worth nearly £75m!!!!

Although I am not certain, I am not sure pizza price inflation has been quite so strong!

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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