coingape.com 24 m Reading time: ~2 m
A crypto enthusiast celebrated a historic Bitcoin (BTC) retail transaction by purchasing pizzas. The crypto fanatic named Daniel Nita on Twitter announced that he was able to purchase 10,000 Pizzas for 1 BTC in Romania.
At the current price, the 10,000 pizzas were sold for about $26,800, implying an incredibly favorable exchange rate for the buyer.
While commenting on the announcement, Changpeng ‘CZ’ Zhao, the CEO of the largest crypto exchange Binance highlighted that History has been reversed. He claimed Bitcoin remains a legend because 13 years ago, 1 pizza was sold for 10,000 Bitcoin. Zhao went further to say he looks forward to enjoying some pizza whenever he happens to be in Romania.
13 years ago, 1 pizza for 10,000 BTC.
Today, 10,000 pizza for 1 BTC. Still a legend!
That’s a lot of pizza now I think about it. I assume I can have some pizza when I am in Romania again.😂 https://t.co/0PCDO7PVCY
— CZ 🔶 Binance (@cz_binance) May 22, 2023
Indeed, the story of the Bitcoin pizza transaction which dates back 13 years ago continues to be a legend in the crypto world. Notably, the exponential increase in Bitcoin’s value since then has made it a significant milestone in Bitcoin’s history.
The “Bitcoin pizza” narrative historically refers to the first documented real-world Bitcoin transaction. On May 22, 2010, Laszlo Hanyecz, a Bitcoin enthusiast, famously paid 10,000 bitcoins for two pizzas worth $41 at the time. This transaction has now come to represent how early Bitcoin adopters used the cryptocurrency in their daily lives.
A Call for Faster Bitcoin and Crypto Adoption
As the crypto market continues to grow and mature, many industry leaders believe that the widespread adoption of cryptocurrencies and blockchain technology can bring numerous benefits to various sectors.
While speaking at speaking the World Economic Forum held in Davos, some executives from crypto firms called for rapid crypto adoption. Cliff Sarkin, CEO of CasperLabs stated that as the market gets bigger, the peak and valleys will be beautiful.
Notably, a faster and more widespread crypto adoption means a larger user base and market for crypto-related products and services. Crypto firms stand to benefit from increased demand for their offerings, which can lead to business growth, higher revenues, and market expansion.
Additionally, greater adoption of cryptocurrencies can result in increased liquidity and trading volume in the crypto markets and in all, non-crypto native companies can start accepting the nascent assets as payment for various goods and services.