If you bought $100 of bitcoin 7 years ago, you'd be sitting on $75 million now
 

Monday marks the seven-year anniversary of Bitcoin Pizza Day - the moment a programmer named Laszlo Hanyecz spent 10,000 bitcoin on two Papa John's pizzas.

More important than the episode being widely recognized as the first transaction using the cryptocurrency is what it tells us about the bitcoin rally that saw it break through the $2,100 and $2,200 marks on Monday.

Bitcoin was trading as high as $2,251.61 midday Monday, hitting a fresh record high, after first powering through the $2,000 barrier over the weekend, according to CoinDesk data.

On May 22, 2010, Hanyecz asked a fellow enthusiast on a bitcoin forum to accept 10,000 bitcoin for two Papa John's Pizzas. At the time, Hanyecz believed that the coins he had "mined" on his computer were worth around 0.003 cents each.

Bitcoin mining involves solving a complex mathematical solution with the miner being rewarded in bitcoin. This is how Hanyecz got his initial coins.

The cryptocurrency has many doubters as it continues to be associated with criminal activity, but it has still seen a stunning rally. Here are two facts, on Bitcoin Pizza Day, however, that highlight this:

While being worth $30 at the time, Hanyecz pizzas would now cost $22.5 million at current bitcoin prices.
If you bought $100 of bitcoin at the 0.003 cent price on May 22, 2010, you'd now be sitting on around $75 million.
A number of factors have been driving the rally:

Recently passed legislation in Japan that allows retailers to start accepting bitcoin as a legal currency has boosted trading in yen, which now accounts for over 40 percent of all bitcoin trade
Political uncertainty globally has driven demand for bitcoin as a safe haven asset

A debate within the bitcoin community about the future of the underlying technology behind bitcoin known as the blockchain has been taking place. There was fear at one point this could lead to the creation of two separate cryptocurrencies but those worries have largely subsided with an alternative, more palatable option now being put forward.

Bitcoin price hits fresh record high above $2,200

:1orglaugh :1orglaugh

How long would it have taken to mine $100 in bitcoin from a home computer seven years ago?

the moment the US gov goes after the exchangers its game over...

that ship has sailed.

i am on STR and XRP ship.

If only I can predict the future!

They won't shut down Bitcoin. Too much opportunity for the CIA to hack it and create money from nothing for blackops.

Sorry, a baseless digital currency is intrinsically worthless -- cash out. But then if you only have $100 on the wood you would have bragging rights -- could you borrow against your Bitcoins? LMAO

Apple's IPO Would Have Made You A Lot of Money | Fortune.com

10K$ is next price

with $75 million, you will be cashing out worthless digital currency for rest of your life :1orglaugh

nah they just sell drugs and take cash...much easier...

been converting my paychecks into bitcoin for several years now,

has really helped out ALOT since i only make a little over minimum wage, i actually have some savings now,

and now with bitpay having a bitcoin visa card, im pretty much going to be living off bitcoin


don't need my bank account anymore!

Good for you, glad this have helped you in a positive way.

I was just now checking out the bitpay card website, fee's are okay, not like the worst I've seen. I might also get one.

I wish I did :)

Most of you with the negative comments will be posting them again when BTC hits 10k, and etc. That's the view from the bleachers. Game's on the field.

But if you have $75,000,000 worth of bitcons, you still don't have $75,000,000
You'd first have to sell them, which would take years if you sell say $10K worth a week.
If any of the big bitcoin accounts starts to cash out big the price would drop.
So it's pretty useless to be sitting on $75 Mil that you can't convert to real world money without crashing the market or having to do it over a very long time span

The time now is for altcoins

:thumbsup

A paper price is only worth the paper it's printed on. Governments back their currencies with promises, no one backs Bitcoin. Doing business with it is great, investing as you point out might be risky. Because we all know what overpriced paper stocks are worth.

Until someone can walk into a bank and exchange 1000 bitcoin for $2,000,000. It's only worth what people will pay.

:thumbsup

I will never forget the guy who started a gfy thread when bitcoin was $3 and everyone was laughing at him (me included)

i can pay 1000 bucks today for that amount of bitcoins.

was it FRANK ?

Congrats Franck, last I talked to him he had over 700 bitcoins.

Got a link to that thread OraclePorn?

I've been reading about Bitcoins for the last 3 days and my conclusion is... - GoFuckYourself.com - Adult Webmaster Forum

price was $46 back then



If you had put $10K in on that day it would be $435K now

If you buy no BTC whatsoever, you will be safe, your funds will be safe and you will make no money. If that is your comfort level, wonderful. Traditional interest on investment funds today is insignificant. So how to make money? Buy a brick of coke or run a couple of hookers. What ever you do, stay away from BTC. Maybe consider sub-prime mortgages, that sounds like a winner investment. Meanwhile the gravy train is that much farther down the tracks for some of you.

I'm gonna buy now $75 million worth of bitcoin and wait for another 7 years.

oh please, there are other places to make way more money than bitcoin. i can turn 10 bucks into 1000 or 10000 in 1-5 years and no i won't say how.

i wonder how old DirtyFrank did with the bitcoin..he was pushing it hard here right when the price was lowest

i almost put in 5k..fucked up big time...never would have held this long to get the most out of it, but im sure would have made some money

shame
also last year sometime someone i know almost begged me to get into ETH...they bought 2k worth...laughing now

franck always said he only had one coin before he disappeared from here.

my savings account has been giving me pretty much 0 every month, with all the fees i can barely afford a bank account, and my job isn't paying me much

converting my paychecks into bitcoins as soon as i get paid has brought my wealth up,
i actually have some savings now thanks to bitcoin

i pay most bills with bitcoin now, pretty much living off bitcoin,

if i had alot of cash i would drop it all on bitcoin, no point of keeping cash in a bank anymore

even if it crashes i would go back to being poor, but for now i have more cash for bills and spending

What's the point of making a statement like that? Anybody can claim pigs can fly. I can also make more money than with Bitcoin. All I have to do is win the fucking lottery.

coinbase is down...where else to buy btc to trade for eth

yeah, its baseless but i don't care if people think i am full of shit. i know what i do. it doesn't compare to being the first people who got in on bitcoin but even paying 200 per coin and selling for 2000, its a good return but unless you have ton of them, nothing that is going to change your life. anyways, doesn't selling coins rely on someone being willing to buy them at that price? not exactly something you can cash out of at any given time if you have a lot of them.

time to bump that thread & see where he is!

you wouldnt be here if you had $75 mil

A fundamental rule of investing: if the price is going up, somebody is buying.

I don't have a link to that thread, but it was not frank and it wasn't $46, it was $3 and everyone was laughing at him, me included. He was trying to push it as a new way to pay for adult paysites instead of a cc.

most people would have got rid of it, and not kept it this long

Gambling...