Fri, May 22, 2020 | 7:49AM ET

BitDigest May 22 · Issue #664

Name: FS Insight
Price range: $$$

Gregory Landegger

Author of BitDigest, Daily Crypto Newsletter

Bitcoin declines on week but holding above $9,000
Russia, Myanmar and Iran taking negative stances on crypto
Genesis announces acquisition of custodian and introduces prime brokerage services

Happy Bitcoin Pizza Day!

This is the tenth anniversary of the day on which Laszlo Hanyecz traded 10,000 bitcoin for pizza. This event is recognized as the first use of bitcoin to purchase a real world good, and it is also a barometer to show how the price of bitcoin has increased through the years.

On May 18, 2010, Hanyecz placed the following post on the Bitcoin Forum, “I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later. 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 where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy! I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire. If you’re interested please let me know and we can work out a deal.”

Four days later, he posted that he “successfully traded 10,000 bitcoins for pizza.” He even included a link with some pictures. He paid an equivalent of $41 for the two Papa John’s pies.

Ten years later, the 10,000 BTC is worth $91 million, a 332% CAGR.

Last year, 60 Minutes ran a segment on this story with Anderson Cooper. You can watch the segment here.

Weekend Reading

Blockchain.com has issued a Gold Token Primer addressing the adoption of digital stablecoins in a post COVID-19 environment. The report finds gold crypto has numerous advantages over traditional gold as related to transaction speed and availability, ease of use and cost of ownership.
Grayscale Investments has published a new report exploring central bank digital currencies and their relation to bitcoin.

The Headlines

Thoughts on the Ecosystem

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