Meet the man who spent millions worth of bitcoin on pizza

© Credit score: CBSNews
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At the finish of a risky week in the inventory market, “60 Minutes” examines the even wilder monetary world of Bitcoin and different cryptocurrencies. The story, reported by Anderson Cooper, contains the first tv interview with the legendary “Bitcoin pizza man,” Laszlo Hanyecz.On Might 22, 2010, Hanyecz traded 10,000 Bitcoin for some pizza in what’s broadly believed to be the first real-world transaction involving Bitcoin. Every year, on Might 22, Bitcoin fanatics throughout the world have a good time “Bitcoin Pizza Day” to mark the occasion. Bitcoin then was worth lower than a penny.

Hanyecz, a pc programmer who lives in Florida, instructed Cooper he made a quantity of different trades after the pizza. In all, he estimated that he spent 100,000 Bitcoin on a quantity of objects, a lot of it on pizza. At the time of this interview, one Bitcoin was worth about $eight,000.

“That is $800 million,” Cooper says. “You spent about $800 million on pizza?”

Hanyecz replies, “Effectively, in the event you have a look at as we speak’s trade charge.”

“Are there nights you get up,” Cooper asks, “the place you suppose, ‘I might have had $800 million… if I hadn’t purchased these pizzas?'”

“I believe considering like that’s… not likely good for me,” Hanyecz says.Cooper’s report contains interviews with Federal Reserve Governor Lael Brainard; Neha Narula, director of the MIT Media Lab’s Digital Foreign money Initiative; Marco Streng, the CEO of Genesis Mining; and Charlie Shrem, one of Bitcoin’s first millionaires and in addition one of its first convicted felons.

Bitcoin is a digital computer-based foreign money that’s not backed by any authorities or financial institution.  Its information are maintained by a world community of computer systems generally known as “mines,” and its worth relies on the free market.  It may be purchased and bought for via companies referred to as “exchanges.”For the “60 Minutes” report, Cooper visited a cryptocurrency “mine” in Iceland. He additionally visited the Federal Reserve in Washington D.C., the place Brainard warns traders that cryptocurrency is way riskier than the U.S. greenback. “The Federal Reserve and in the end the U.S. Treasury stand behind [the dollar],” says Brainard. “And whenever you maintain your in a checking account, you could have deposit insurance coverage… None of these accountability mechanisms exist for Bitcoin.”

See the full “60 Minutes” report, Sunday, Might 19 at 7:00 p.m. ET/PT on CBS.

About Tom Greenly

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