#260m

Traders are persevering with to rally behind the decision to reindustrialize American trade, this time by constructing out a $260 million warfare chest for automated manufacturing startup Hadrian to scale its manufacturing unit footprint and make much more machine elements. Hadrian’s purpose is to modernize American manufacturing by leveraging advance automation to ship mass-produced elements for…

Pizza for $260m and other ridiculous purchases with bitcoin

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On May 22, 2010, an early bitcoin enthusiast Laszlo Hanyecz purchased 2 pizzas and paid using just about 10 thousand BTC coins. At the time, bitcoin was trading at the sub-penny value: the total value of the cryptocurrency was about $41.

About 13 years later, the leading cryptocurrency is worth $ 26,880 at the time of writing; this means that the total value of those pizzas is now over $268 million. 

13 years ago tomorrow the first #Bitcoin purchase was made. Two pizzas were bought for 10k BTC, which at that time was equivalent to $40.

Bitcoin pizza day ahead. celebrate with a slice! pic.twitter.com/owdaA2AtBj

— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) May 21, 2023

Every year since 2010, bitcoin (BTC) and crypto investors have been celebrating Bitcoin Pizza Day, remembering one of the most ridiculous purchases ever made using BTC. 

Over $260 million for two pizzas? Well, that is indeed the most expensive pizza ever. All Laszlo Hanyecz needed was to hold the BTC for about 11 years, which was over $670 million in late 2021. Today marks thirteen years since the somewhat overprized pizza purchase. 

Over a decade since the infamous pizza purchase, there have been cases where ridiculous amounts of bitcoin were used to pay for products at extreme long-term costs. 

Properties at ridiculous long-term costs

Believe it or not, the 10,00 bitcoin for two pizzas is not the most expensive purchase with crypto.

In 2013, an individual paid 25,500 BTC to purchase a $2 million condo in The Trump Hotel. The request to pay using BTC was a policy set by the building’s owner.

The buyers of the condo have remained anonymous, with speculations that the Winklevoss brothers were the buyers. Valued at $2 million in 2013, the house is now worth over $600 million. At some point in 2021, when the leading cryptocurrency was trading at over $68,000, the 25,500 BTC was valued at $1.7 billion. 

In 2014, a venture capitalist Chamath Palihapitiya acquired a 1.4-acre piece of land in California for just about $1.6 million. The deal was closed with a 2739 BTC payment when the coin was trading below $600. 

In 2021, Chamath noted that he paid about $27.5 million for the land.

Loss porn: In 2014 I bought an empty lot in Lake Tahoe for $1.6M….in Bitcoin.

Price adjusted for today, I paid $27.5M for it. 😢😂😂😂https://t.co/bjHX7aVdrH

— Chamath Palihapitiya (@chamath) February 9, 2021

In another interesting property purchase case, a mansion in Miami was purchased for about 455 BTC, or $6 million, at the time.

The seller of the house was a known Bitcoin trader called Michael Komaransky. During BTC’s peak price of $68,000 in 2021, the mansion’s value could be capped at over $30 million. 

Car purchases with BTC

Bitcoin has been used in purchasing more than just fixed property. Several people (that we know of) have purchased motor vehicles at super expensive costs using BTC.

In 2013, a crypto investor Michael Tozoni bought a second-hand car for 1000 BTC, valued at $22,000 at the time.

The BTC is worth about $27 million a few years after the purchase. In fact, in 2021, several investors highlighted the purchase, adding that Michael Tozoni probably never imagined that one bitcoin would surge to $60,000. 

A sports car, Lamborghini Gallardo, was sold in 2013 for 216 BTC. The car was purchased at a Newport Beach Car dealership, making it the first luxury car dealership to accept BTC payments.

This [Lamborghini] purchase will be seen as the ‘pizza transaction’ of 2013. “Haha that dude actually spent 216 BTC on a car, what an idiot”

— Shit /r/Bitcoin says (@shit_rbtc_says) December 22, 2013

In those early days, some crypto users criticized the investor for buying the car at such a high cost, 216 BTC. At the time, the car was worth around $209,900. Today it costs over $5.4 million.

Payment for travel and family time

Some have used bitcoin to pay for travel.

In 2014, the Winklevoss twins allegedly paid about 900 BTC (450 each) for two seats in Richard Branson’s spaceflight. The 900 BTC is now worth over $24 million, (definitely) up from $1 million in 2014.

Finally, in February 2014, the first-ever chartered flight was paid for with 55 BTC. Olivier Janssens, a Bitcoin foundation member, paid for a trip from Brussels to Nice Cot$e D’Azur. That 55 BTC is worth over $1.4 million today.

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Fantom price pumps despite $260M FTM whale selloff

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Layer1 (L1) blockchain network Fantom (FTM) rose by 10% in the last 24 hours to $0.51 as of press time, according to CryptoSlate’s data.

FTM is one of the best-performing digital assets in the current year — rising by more than 200% to as high as $0.65 as of Feb. 3, from a low of $0.1997 recorded on Jan. 1.

The positive price action coincided with a number of upgrades designed to increase the speed and throughput of the L1 blockchain network.

FTM whales are dumping

The positive price action has led to massive dumping among shark and whale addresses holding FTM.

A 41% drop in addresses holding between 10,000 to 100 million FTM tokens occurred, according to blockchain analytical firm Santiment.

Source: Santiment

Over the past month, these addresses have dumped roughly $260 million of the asset.

Meanwhile, the number of retail traders — micro addresses holding between 0.1 – 1 FTM — increased by 53% during the same period. This cohort has been aggressively buying during the whale dumping period, Santiment added.

DeFi activities soar

Decentralized finance (DeFi) activities within the Fantom ecosystem have also soared alongside the asset’s price rise.

The total value of assets (TVL) locked in Fantom rose by 5% to $506.28 million in the last 24 hours, according to DeFillama data.

The ecosystem’s TVL crossed $500 million for the first time in 2023 on Jan. 27 and touched a high of $577.06 million on Feb. 3 before retracing to its current levels, according to DeFillama data.

Journalist at CryptoSlate

Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.

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