The Historic Event That Will Ignite Cryptocurrency “Supply Shock”

Laszlo Hanyecz didn’t expect to make history when he ordered two large pizzas from Papa John’s in May 2010. But he did. Hanyecz paid for his pizzas using bitcoin in what’s believed to the first transaction using the cryptocurrency to pay for a product. And – this is almost too painful to write – he paid what would now be more than $75 million for the two pizzas. He ordered two because he liked to munch on leftovers the next day. Meanwhile, he had no idea that second pizza would one day cost him nearly $38 million. The reason why is actually pretty simple though. Each bitcoin was worth about $0.003 at that point in time, so the 10,000 bitcoins he used to pay for the pizzas were worth about $30.