The most expensive pizza ever bought with bitcoin : A look at the current state of bitcoins value

by Christian Akpan (Christianhezekiah2020@gmail.com)

Bitcoin, the first and most popular digital asset, has been on a wild ride since its creation in 2008. Its value has changed significantly over the years, experiencing several significant price spikes and crashes. In this article, we’ll examine the most expensive pizza ever purchased using bitcoin, as well as the current value of bitcoin and the factors influencing its price.

The First Bitcoin Pizza

The first bitcoin pizza was bought in 2010 for 10,000 bitcoins. At the time, 10,000 bitcoins were only worth a few dollars and had a very low value. The value of those 10,000 bitcoins, however, has increased to millions of dollars today.

Bitcoin pizza day hangout, Owerri, Nigeria (2022)

Laszlo Hanyecz, a programmer who was active in the Bitcoin community at the time, purchased the first Bitcoin pizza. Hanyecz posted on the BitcoinTalk forum, offering 10,000 bitcoins to anyone who would buy him two pizzas from Papa John’s. A user named Jercos agreed to the deal, and Hanyecz sent him the bitcoins. Jercos then ordered two pizzas from Papa John’s and had them delivered to Hanyecz’s house. The transaction was completed, and the first Bitcoin pizza was born.

Bitcoin’s Price History

Significant volatility has characterized bitcoin’s price history. In 2010, bitcoin was worth only a few cents, and few people took it seriously. However, over time, Bitcoin gained popularity, and its value started to increase.

In 2013, bitcoin experienced its first major price spike, reaching a value of $1,000 per bitcoin. This was a significant milestone for bitcoin, and it signaled the beginning of a new era for the cryptocurrency. However, in the years that followed, Bitcoin’s value experienced significant fluctuations.

Bitcoin’s Current Value

As of May 2023, Bitcoin’s value was hovering around $29,000 per bitcoin. This represents a significant increase from its value just a few years ago but is still significantly below its all-time high of $69,000. There are several factors driving Bitcoin’s current value, including:

1. Adoption

One of the primary drivers of Bitcoin’s value is its adoption. As more people use Bitcoin, its value increases. Today, there are millions of Bitcoin users worldwide, and the number of businesses accepting Bitcoin as a means of payment is increasing.

Bitcoin pizza day hangout, Owerri, Nigeria(2022)

2. Institutional Investment

Another factor driving Bitcoin’s value is institutional investment. Over the past few years, there has been an increase in the number of financial institutions investing in Bitcoin. These institutions are attracted to Bitcoin’s potential as a store of value and hedge against inflation.

3. Limited Supply

Bitcoin’s supply is limited, with only 21 million bitcoins in existence. This limited supply has helped to increase Bitcoin’s value, as there is a finite amount of Bitcoin available.

4. Market speculation

Market speculation also plays a significant role in Bitcoin’s value. Many investors see Bitcoin as a potentially lucrative investment and are willing to pay a premium to invest in it. This speculation can drive up Bitcoin’s value, even if there is no fundamental reason for it.

5. Regulatory Frameworks

Regulatory frameworks also play a role in Bitcoin’s value. In the early days of bitcoin, there were few regulatory frameworks in place to govern its use. However, as bitcoin gained popularity, governments around the world started to take notice. Today, there are various regulatory frameworks in place to govern the use of bitcoin, making it a more mainstream and legitimate form of currency.

In conclusion, while all these are responsible for the current value of bitcoin, we are sure that bitcoin will continue to rise in price even higher than its all time high, especially with the coming of the next bull-run predicted to be in 2024.

To all the Bitcoin maximalists, investors, communities, media houses, and platforms out there, this is a shout out to you all! Your unwavering commitment and passion for driving the widespread adoption and acceptance of bitcoin are truly inspiring. Your hard work and determination are helping to build a stronger, more resilient financial system for all. Keep pushing forward, and let’s continue to make bitcoin the future of money!.