Laszlo Hanyecz has literally lived out the message in Rick Ross’s B.M.F (Blowing Money Fast) song. Believe it or not, he spent $800 million to buy just two pizzas from Papa John’s pizza.
But in all fairness, he didn’s spend American fiat currency, rather Bitcoin, and that was back in 2010. When the cryptocurrency was not worth any paper the word was written on back then. During the launch of the crypto back in 2009, Hanyecz was one of the early adopters.
So he could easily acquire a lot of it within a short time. He found himself with lots of Bitcoin, something that was largely either unheard of or unaccepted in the mainstream economy. So in 2010 when he discovered the Papa John’s pizza could accept it as payment. He spent 10,000 BTC on just two pizza.
In today’s market, 10,000 BTC is worth about $800 million. Hanyecz still went back to the pizza shop and order more, using Bitcoin as payment. During an interview with Anderson Cooper on the 60 Minutes, Hanyecz says he has probably used over 100,000 BTC on pizza alone.
Had he waited while still holding on to his Bitcoins, Hanyecz would be a multi-millionaire by now by simply. But how would he have known that someday in the future the cryptocurrency will actually be worth something in fiat currency?
It was not until 2017 when the mainstream economy began paying attention to the cryptocurrency world. Particularly the Bitcoin. By the time Bitcoin was worth a good amount, Hanyecz had ‘BMF’ a lot of the amount he had to his name.
In his interview with 60 Minutes, Hanyecz says he has no regret: “I think it’s great that I got to be part of the early history of Bitcoin in that way, and people know about the pizza and its an interesting story because everybody can kind of relate to that and be [like] ‘Oh my God, you spent all that money?’”
In the early days of cryptocurrency, one man decided to trade his bitcoin for pizza. It was a historic event, but not such a great investment. “60 Minutes” reports, Sunday https://t.co/qS8Swvl5Go pic.twitter.com/raUBvyCD36
— 60 Minutes (@60Minutes) May 16, 2019