Early Bitcoin (BTC) investors who sold off their coin many years ago are beginning to scratch their heads in regret as the digital currency posts a five-digit value. A typical example is Laszlo Hanyecz, who traded 10,000 Bitcoin for two Papa John’s pizzas on May 22, 2010. These cryptocurrencies are now worth US$234 million following the current price of BTC on Coinmarketcap.
On December 16, The New York Times reported another case where a tech reporter spent about 10 Bitcoin on a Sushi dinner she hosted for strangers.
10 BTC Spent in a Single Sushi Dinner
Known as Kashmir Hill, the tech reporter for The New York Times bought some Bitcoin back in 2013 as the cryptocurrency was getting popular among technology junkies. Hill noted that she bought the Bitcoin at US$136 each from the now-leading United States cryptocurrency exchange, Coinbase. While she tried to explore the value and use case of the cryptocurrency, the options were limited as only a few places could accept the technology then.
As the efforts to spend the cryptocurrency proved fatal – caused her to lose weight as no eateries accepted the crypto – Hill decided to host a memorable Sushi dinner party as she intended to sell off the cryptocurrency. The dinner party was hosted in one of the few places in San Francisco that supported Bitcoin. Many people turned up for dinner, including entrepreneurs working on Bitcoin apps back then.
This is Why You Should HODL
The party caused about US$957, which was settled with 10 Bitcoin then. In comparison with today’s price, these cryptocurrencies will be worth about $234,960, which indeed is a lot of money that was spent in a single sushi dinner.
“I felt guilty at the time, making Yung Chen [the restaurant owner] accept $1,000 worth of funny money because it was unclear to me whether Bitcoin should be worth anything at all,” the tech reported said.