- Bitcoin hit an all-time high, with prices surging to $60,000 on Saturday.
- The surge has meant that famed programmer Laszlo Hanyecz ended up spending $613 million on pizzas.
- Critics say crypto adopters could lose all of their money due to its volatility.
- See more stories on Insider’s business page.
Programmer Laszlo Hanyecz has become well known in crypto circles after making headlines for trading 10,000 bitcoin for two Papa John’s pizzas on May 22, 2010. The day is now known as “Bitcoin Pizza Day” and is the most celebrated day in the crypto world, as Insider previously reported.
Thanks to Saturday’s record-breaking price of $60,000, Hanyecz’s stash would now be worth $613 million (or £440 million, per Sky News.)
The cryptocurrency, which boasts a market capitalization of more than $1.1 trillion, has been buoyed by investor optimism.
President Joe Biden signed a $1.9 trillion pandemic-relief bill into law on Friday, which will lead to $1,400 stimulus checks being distributed to millions of Americans, fueling hopes that the market boom will continue.
The surging price of Bitcoin on Saturday marked an increase of 1,000% in the past year. It has also benefited from the backing of major institutions, like Tesla and Mastercard.
In fact, an ever-increasing number of firms are testing the crypto-waters, as Insider has reported. Bitcoin enthusiasts argue that “this time is different” for the world’s biggest cryptocurrency because big-name firms are supporting the price and lending legitimacy to the project.
Not everyone is won over by bitcoin though. Famed investor Warren Buffett has repeatedly criticized it and other cryptocurrencies as “risky” and “worthless.”
As for Hanyecz, he apparently has had no regrets in the years since he purchased the pizzas, despite the cryptocurrency’s frequent price hikes. Last year, Coindesk quoted him as saying that “bitcoin is a way to harness greed.”
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