Answer: As of 3/16/22, 10,000 Bitcoin is worth approximately $411 million, which can buy a pizza for every resident of the state of Texas (@$15 per pizza)

To ask:

Are you interested in cryptocurrencies? Why or why not? What emotion do you think the pizza buyer feels about this transaction in 2010? Do you know anyone who has ever bought something using a cryptocurrency? If so, can you describe the process to complete a trade using crypto?

Here are the ready-made slides for this question of the day that you can use in your classroom.

Behind the numbers (Coindesk):

Hanyecz is known for being the first person to use bitcoin in a commercial transaction. On May 22, 2010, when bitcoin was just over a year old, he bought two pizzas for 10,000 BTC. The day is now known as “Bitcoin Pizza Day”. Now worth $9,500 with one bitcoin [Editor’s note: Price of Bitcoin in March of 2022 is $40,000]this is apparently a joke and Hanyecz’s $45 million pizzas are the punch line.

The joke is also a parable, illustrating the competition and interplay between three possible uses of bitcoin. The first is speculation. Bitcoin’s nosebleed-inducing decade of upward price movements is what drives CNBC’s headlines and motivates participation: people see it as a way to get rich. “Bitcoin is a way to exploit greed,” Hanyecz said in a recent interview from his home in Jacksonville, Florida. It is greed that underlies the delicate balance of incentives that keep bitcoin going.

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Do your students want to learn more about crypto? Be sure to check out the NEW! NGPF Cryptocurrency Unit.

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The difference 3 years makes… a previous FinCap Friday valued the pizzas at $80 million at the time. Yes, Bitcoin went up quite a bit back then.

About the author

Tim Ranzetta

Tim’s savings habits started at 7 a.m. when a neighbor with a broken hip gave him a dog walking job. Her recovery, which lasted nearly a year, led to Tim getting to know the bank clerks quite well (and building a savings account balance of over $300!). His recent entrepreneurial adventures include driving a chipper, analyzing compensation packages for Fortune 500 companies, and helping families make better college funding decisions. After volunteering in 2010 to establish a personal finance program and teach at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him. to start a new nonprofit, Next Gen Personal Finance. †

This post Question of the Day: In 2010, someone bought 2 pizzas for 10,000 Bitcoin (worth about $30). How much is 10,000 Bitcoin worth today?

was original published at “https://www.ngpf.org/blog/question-of-the-day/question-of-the-day-in-2010-someone-bought-2-pizzas-for-10000-bitcoin-worth-about-30-how-much-is-10000-bitcoin-worth-today/”