The value of one Bitcoin today is around 80 lakh. So, if someone owns 10,000 Bitcoins, their assets would be 8,000 crore rupees in the current scenario. A few years ago, Laszlo Hanyecz (Laszlo) made the first documented acquisition of an asset with Bitcoin when he acquired two pizzas from Domino’s for 10,000 BTC. This user will have to regret it, because eating just one pizza would have given him a fortune in Bitcoin valued at billions of dollars today.
Laszlo, a programmer and an early Bitcoin enthusiast, submitted an application to buy pizza with Bitcoin on May 17, 2010. He claimed to have managed to exchange 10,000 Bitcoins for two pizzas on May 22. Jercos placed the order and won the money. At the time of offering, Bitcoin’s value was $41.
Both pizzas are now reportedly worth billions of rupees over the current value of Bitcoin.
While several smaller tokens posted gains on the day, Bitcoin recouped its initial losses after ending its first weekly decline since Donald Trump’s presidential win.
After falling 2. 8% the previous Monday, the largest virtual asset was down 1. 2% at around $93,962 as of 4:39 p. m. Since its last record on Dec. 17, it has fallen roughly 13%.
Bitcoin saw its first weekly drop since Trump’s election, falling 7. 5% over the seven days ending Sunday. Global stocks fell as the Federal Reserve cut interest rates for a third time on Wednesday and hinted at a slower speed of financial easing next year to tame inflation. Bloomberg reported that the aggressive turn also reduced the speculative power Trump had unleashed on the crypto market regarding a national Bitcoin stockpile and his promise of benevolent regulations.
To commemorate the transaction, May 22 is dubbed Bitcoin Pizza Day. Pizza providers worldwide offer discounts to Bitcoin users to commemorate Laszlo’s purchase.
1) According to Section 115BBH of the Income Tax Act, 1961, investors are required to pay 1% TDS (withholding tax) when moving cryptocurrency tokens, known as VDAs.
2) You will have to pay a flat 30% tax on all sources of income you generate from cryptocurrency transactions.
Read all our financial stories here
Check out all instant private loans, business loans, business news, money news, latest news and latest updates on Live Mint. Download the Mint News app to get market updates.
Download the Mint app and premium items
Log in to our website to save your bookmarks. It’ll just take a moment.