Today is the tenth anniversary of the first official commercial purchase of Bitcoin. On May 22, 2010, programmer Laszlo Hanyecz completed the first documented commercial purchase of Bitcoin, paying 10,000 for two pizzas from Papa John’s. Valued at $41 at the time, the current market price gives the purchase a price of $92.5 million.
One might logically wonder what happened to the 10,000 Bitcoin (BTC) used to purchase two pizzas.
„Over the years, funds have moved in many directions,“ Grant Blaisdell, co-founder and marketing director of blockchain analysis company Coinfirm, told Cointelegraph in an e-mail. Some BTCs went to a now-extinct exchange, while some BTCs remain in a highly valued wallet.
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Many Bitcoins went to BTC-e
„Some of the funds apparently liquidated at BTC-e,“ Blaisdell said. Launched in 2011, the BTC-e crypto currency exchange fell in 2017 when authorities seized the money for money-laundering claims.
A portion of the BTC is still in a very valuable wallet
By tracking the Bitcoin in the pizza, Coinfirm found that 5.79% of the original 10,000 BTCs made it to one of the most important Bitcoin wallets in existence today. With a total of over $5 million, approximately 579 of the BTC pizza still occupies the 12th largest wallet in the Bitcoin space.
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The owner of that address also accumulated
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from another location, as the wallet now totals about US$500 million in Bitcoin, Blaisdell explained. „It’s potentially someone known and active from the beginning in the bitcoin space,“ he concluded, adding:
We don’t know who controls the management, since it doesn’t seem to be linked or belong to a commercial entity, like an exchange or a wallet. The fact that the person is unknown is great in a mysterious Satoshi-type way.
This Argentinean exchange house is helping the needy to eat
May 22, 2020 was an eventful event, as Pizza Day threw up several cryptoscope headlines, including BitFlyer sending pizzas to the needy, as well as Andreas Antonopoulos remembering other early Bitcoin purchase events.