Homer Simpson would be holding his head at this mistake, with Doh! or even Dough! an inadequate response.
What’s Bitcoin Pizza Day?
In 2010, Bitcoin and cryptocurrency were hardly spoken of, and few people could have foreseen their future.
Laszlo Hanyecz from Florida is one unlucky man. On May 22 2010 he paid for two Papa John’s pizzas to be delivered in exchange for 10,000 Bitcoins. He was the first person that we know of who made a commercial purchase in cryptocurrency.
In 2010 Bitcoin was virtually worthless and these 10,000 BTC were worth approximately 41 US dollars; today a single Bitcoin is worth around 40,000 US dollars!
The pizza seller sold his 10,000 BTC a while later for around 400 US dollars.
Who feels sicker now: the original buyer or the pizza seller?
Let’s enjoy the 12th anniversary of Bitcoin Pizza Day on May 22nd with a cheery little reminder that if you’re trading or buying goods and services with cryptocurrencies or assets, you need to be mindful of keeping your records straight and paying your taxes.
If you’re unsure about your crypto tax situation, please get in touch with our specialist crypto tax advisors.
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