Whenever Bitcoin Hits a New All-Time-High, I Shed a Tear...
...I shed a tear for that poor guy who spent 10,000 BTC on pizza on May 22, 2010.
At the time of this writing, that's a value of $133,261,650. For those of you not good with reading long numbers, that's one hundred thirty-three MILLION dollars. The BTC was worth $41 at the time of the offer.
That's gotta hurt.
But I shouldn't cry too much. This was the first documented purchase of a good with Bitcoin. If it weren't for this event and the actions of other early users, Bitcoing would never have proven it's real-world utility.
I hear this story all the time as proof that it pays to HODL, but if nobody had ever spent any bitcoins, it wouldn't have any value at all.
I spent 2.5 BTC on alpaca socks back in 2011. My very first purchase with bitcoin from one of the early merchants accepting bitcoin. I still wear them with pride and no regret! My theory back then was whatever I would spend from my stash I would top up with new purchases.
Well hindsight is 20/20 right? Haha
I heard the guy still has some bitcoin left. Probably do not have to cry for him.
You would not buy pizzas for all of your life savings. ;)
Be happy for the pizzeria. :D