This Monday 7 years ago, a Bitcoin user made what was possibly the largest Bitcoin transaction of the year, and possibly of all time for a pizza. Paying up 10 000 Bitcoin which were valued at 0.003$ or just under 1 naira each, he purchased a pizza. Little did he know that his pizza would cost him well over $22 million as Bitcoin prices peaked well over $2100 today.
The user named Hanyecz purchased the pizza for Bitcoin worth a mere $30 in 2010. Whilst they had essentially been created for free their current worth stands at well over $22 million, with no risk involved the currency has been known as one of the biggest ion terms of growth during this decade. Currently prices stand at $2451 at the time of writing, but with long term predictions ranging to $10000 per coin by 2025, it may not be too late to hold onto some coin in the long run.
Bitcoin has increased considerably due to many political clarifications and fewer grey areas surrounding the use of the coin. Essentially making it legal, Chinas rigorous KYC and identification procedures may have deterred many from using the coin, but essentially provided legitimacy and legality in transacting the currency. Furthermore, the instability of many fiat currencies such as the Naira and its dependence on oil has increasingly driven people to use the digital currency not only as a medium for savings, but an investment in its own right. Politics may have contributed to the large increase in use of the coin in countries such as Nigeria where Forex was limited early this year by the state in attempts to shore up the value of the crashing Naira.
To conclude the long term holders of the cryptocoin have benefitted hugely. Seeing their investments grow from fractions of cents to figure which are in the millions, many have essentially set themselves up for life. In retrospect prices at the time may have seemed too good to be true, but for the early adopters the rewards were huge. This could also be applied to current markets as considering Bitcoin’s new found political and financial stability; it has garnered much more potential than ever in its brief history. Purchasing a $1000 in crypto today could yield you $10 000 or maybe more as mainstream adoption for the cryptocurrencies continues at an unprecedented rate.
You can purchase cryptocurrency at market premium prices via the NairaEX exchange, Nigeriaâ€™s leading Bitcoin exchange and have your Bitcoin delivered within a matter of hours!