Tags: bitcoin | cryptocurrency | blockchain | foreign exchange

CNBC: $100 of Bitcoin 7 Years Ago Now Valued at $72.9 Million

CNBC: $100 of Bitcoin 7 Years Ago Now Valued at $72.9 Million
(Dreamstime)

By    |   Monday, 22 May 2017 12:01 PM EDT

Bitcoin has more than doubled this year compared with the U.S. dollar, reaching a record high of $2,190.45 on Monday, the seven-year anniversary of Bitcoin Pizza Day. The day commemorates the time a programmer named Laszlo Hanyecz spent 10,000 bitcoin on two pizzas.

Hanyecz on May 22, 2010, asked a fellow bitcoin enthusiast accept 10,000 bitcoin for two Papa John's Pizzas. “At the time, Hanyecz believed that the coins he had "mined" on his computer were worth around 0.003 cents each,” CNBC reported.

Bitcoin mining is the process of solving a complex mathematical equation that awards the miner with a bitcoin. The cryptocurrency has been associated with criminal activity, giving it a bad name.

If you bought $100 of bitcoin at the 0.003 cent price on May 22, 2010, you'd now be sitting on around $72.9 million, according to CNBC’s calculation.

The bitcoin rally is being driven by its acceptance for payment in Japan as a legal currency. About 40 percent of bitcoin foreign-exchange transactions involve converting yen into bitcoin. Bitcoin is also seen as a safe-haven asset like gold amid political uncertainty.

© 2025 Newsmax Finance. All rights reserved.


StreetTalk
Bitcoin has more than doubled this year compared with the U.S. dollar, reaching a record high of $2,190.45 on Monday, the seven-year anniversary of Bitcoin Pizza Day.
bitcoin, cryptocurrency, blockchain, foreign exchange
184
2017-01-22
Monday, 22 May 2017 12:01 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved