It might not have been for very long, but it doesn’t matter because cyber geeks around the world were able to rejoice on February 2 as Bitcoin finally became worth more than gold. Eight years after Satoshi Nakamoto introduced the world to a currency like no other, the masses finally took enough interest in it to push its value a notch above the price of gold.
So how did it happen? Well, at approximately 10:20 am ET, the cryptocurrency hit the $1,241.30/£1,020 mark, while gold sat at $1,241.25/£1,011.99. Although the shiny metal rallied a few minutes later, Bitcoin went on to hit £1,017.57 later in the day. Basically, now more than any other time, Bitcoin appears to be coming into its own. Although some are wary of the recent highs given the crash in 2013 that took the price of a bitcoin from over £1,000 to less than £100, things are certainly looking up.
The Famous Bitcoin Pizza and What It’s Worth Today
In fact, in times like this we can all think back to the famous Bitcoin pizza. When Laszlo Hanyecz paid 10,000 BTC for two Papa John’s pizzas back in 2010 it cost just $22 (£18 at today’s conversion rate) in reality. At that point he could never have known that if he’d saved those bitcoins until today that he’d have more than £10.1 million in his back pocket. To put that in context, Hanyecz could use that money today to play the highest stakes possible at a bitcoin casino.
Like a high roller rolling into Las Vegas, the pizza-lover could join one of the growing number of Internet casinos with bitcoin betting options, BitCasino.io, and try his hand at anything. For example, if he clicked the “High Limits” option and scrolled through the platform’s list of games, he could take on High Roller Blackjack and easily match the 5,000 mBTC maximum limit. Or, at February 2’s rate according to youmeandbtc ($1,254.27/£1,022.51), Hanyecz would be able playing a game of 21 for £5,112 per hand.
Of course, bitcoin casinos aren’t all about high rollers. Other blackjack variants at BitCasino, such as Satoshi Blackjack, can be played for as little as 1 mBTC or £1 per hand. However, given that Hanyecz would have had £10.1 million in his possession, it’s likely he’d have popped some champagne and raised the stakes like Dan Bilzerian.
A Moment on the Lips and Lifetime of Missed Opportunities
In fact, had the early bitcoin adopter only stopped to think back in 2010 and not use his coins to pay for two lousy pizzas, he could have bought a myriad of things online using his cryptocurrency. Virgin Galactic currently accepts bitcoin payments for its Future Astronaut flights. For physical currency lovers the price is £203,000 which works out at just 199 bitcoins (in today’s price), which would be a bargain for Hanyecz.
If a trip to the edge of the earth didn’t float his boat, Hanyecz could have used his bitcoins to enjoy a pint in Cambridge. Owned by a computer scientist, The Devonshire Arms started accepting bitcoin payments for pints back in 2014 and, at today’s average price of around £4 per pint, it would cost Hanyecz just 3.9 mBTC or 0.0039 BTC. To put it another way, if he still had those 10,000 bitcoins, he could drink his way through somewhere close to 2.5 million pints.
Basically, the current bitcoin price increase is great for those who bought low back in the day. However, for the man who squandered 10,000 BTC on a couple of pizzas, today’s news might be a bit tough to swallow.