Bitcoin's surge beyond $60,000 means the famed programmer Laszlo Hanyecz effectively paid $613 million for 2 pizzas

Bitcoin's surge beyond $60,000 means the famed programmer Laszlo Hanyecz effectively paid $613 million for 2 pizzas
Bitcoin's surge beyond $60,000 means the famed programmer Laszlo Hanyecz effectively paid $613 million for 2 pizzas
Laszlo Hanyecz paid 10,000 bitcoins for pizza in 2010. The price of a single bitcoin has since reached a record $60,000.

The programmer Laszlo Hanyecz has become well known in crypto circles after trading 10,000 bitcoins for two Papa John's pizzas on May 22, 2010. The date is now celebrated in the crypto calendar as "Bitcoin Pizza Day."

Thanks to Saturday's record-breaking price of $60,000 for a single bitcoin, Hanyecz's stash would now be worth $613 million, as Sky News pointed out.

The cryptocurrency, which has a market capitalization of more than $1.1 trillion, has been buoyed by investor optimism.

On Thursday, President Joe Biden signed a $1.9 trillion coronavirus-relief bill into law. As a result, $1,400 direct payments are being distributed to millions of Americans, fueling hopes that the market boom will continue.

The soaring price of bitcoin on Saturday marked an increase of 1,000% in the past year. It has also benefited from the backing of major institutions including Tesla and Mastercard.

In fact, an ever-increasing number of firms are testing the crypto waters. Bitcoin enthusiasts believe the world's biggest and best-known cryptocurrency has more legitimacy than in the past because big-name companies are supporting the price.

Not everyone is won over, though. Warren Buffett has repeatedly criticized it and other cryptocurrencies as "risky" and "worthless."

As for Hanyecz, he apparently has had no regrets in the years since he purchased the pizzas. Last year, CoinDesk quoted him as saying bitcoin was "a way to harness greed."

Read the original article on Business Insider
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