Laszlo Hanyecz didn’t expect to make history when he ordered two large pizzas from Papa John’s in May 2010, but man did he.
Hanyecz paid for his pizzas with bitcoin in what’s believed to be the first transaction using cryptocurrency to pay for a product.
At the time, each bitcoin was worth less than a penny … about $0.003 to be specific. The pizzas cost about $30, so Hanyecz needed 10,000 bitcoins to pay for them.
You can see where this is going.
More than a decade later, the world’s first cryptocurrency is also the largest — worth more than $19,000 each.
So … that $30 worth of bitcoin Hanyecz used to buy two pizzas would now be worth more than $190 million.
Times have changed drastically. In fact, there is now a crypto project for ordering pizza. It’s called Lightning Pizza, and it allows you to pay for Domino’s in bitcoin.
As things continue to change, bitcoin’s new all-time high is just one piece of the bigger story for investors who want to make a lot of money in the cryptocurrency world …
Bitcoin hit a record high this past Monday as it traded within a few dollars of $20,000.
If you’re a regular reader of MoneyWire, you know I’ve been expecting this. You also know that I think bitcoin is going to move a lot higher — and other smaller altcoins will do even better.
Let me give you two reasons why I’m convinced that will happen …
First, you may have heard it said that “new highs beget new highs.” That’s true much more often than it’s not.
In his book titled A Wealth of Common Sense, Ben Carlson pointed out that after the S&P 500 hit all-time highs between 1950 and 2016, it was higher one year later 74% of the time. Three years later, it was higher 87% of the time. And five years out, it was higher 83% of the time.
So you shouldn’t be scared of new all-time highs. They don’t signal a top. Instead, they usually mean there’s more to come.
That’s especially true with bitcoin, as this latest push to new all-time highs is being driven by “big money” coming in. Institutions and wealth investors are leading the way, which is different than during the first 10 years of its existence when it was more individuals.
It’s also especially true when investing in a hypergrowth mega-trend, and cryptocurrencies definitely qualify. Cryptos are still not well understood in part because they sound like fantasy internet money.
And let me be clear: They are not.
Instead, think of bitcoin and altcoins as revolutionary new software programs that will unleash tsunamis of productivity … and profits.
Cryptos and the blockchain technology they are built on are going to change everything. The way you buy everyday goods and services … purchase a home … pay your taxes … even how you order a pizza.
This transformation is already underway, but the truly seismic shift — when the massive profits are made — comes as businesses, consumers, and those big-money investors realize what’s going on.
Charlie Shrem, one of the earliest pioneers in cryptocurrencies, and I call this “The Awakening.”
It won’t just be the biggest thing to happen to cryptocurrencies. We think it will be the biggest thing since the mass adoption of the internet.
The Next Transformational Platform
Transformational platforms bring about a wholesale change … like when a caterpillar becomes a butterfly … or when a child becomes a teenager.
The harnessing of electric power in the early 1900s transformed the world. It gave birth to our use of light bulbs, refrigerators, radios, televisions, telephones, air conditioners … the list goes on.
Electric power was the “platform” from which all those incredible innovations sprang to life. The world after we harnessed electricity looked totally different than the one before it.
These revolutions are rare. We saw probably just a handful in the 20th century — electric power, the internet, even smartphones.
Each one presented colossal wealth-building opportunities.
The MORE a technology changes the world for the better, the MORE revenue it will generate, and the BIGGER the gains will be for investors.
That’s why blockchain is going to be so huge. It’s why some high-profile insiders are saying it will be bigger than the internet. It’s going to touch virtually every industry on Earth.
I’m talking about your financial and banking information… personal healthcare information … proprietary business information … contracts… tax information … credit card payments … real estate transactions … energy … and on and on.
It is being used in more and more places all the time, and this massive disruption creates a once-in-a-lifetime financial opportunity for anyone who acts today.
The world’s biggest companies — those with long track records of backing the biggest and most important trends — have just kicked off a new battle for crypto supremacy. Companies like Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), and Facebook (NASDAQ:FB) are all investing billions of dollars.
Just yesterday, Visa (NYSE:V) announced that it is teaming up with a company called BlockFi to offer bitcoin credit card rewards. If you don’t want airline miles, now you can get cryptocurrencies.
Wall Street wants in, too. Paul Tudor Jones, who’s easily one of the most successful and influential investors in history, admitted that he’s a big buyer of bitcoin and said that it could outperform all the other assets his legendary fund holds.
As governments, businesses, and individuals awaken to blockchain’s transformational impacts, it could singlehandedly drive the price of bitcoin and other select cryptocurrencies to never-before-seen heights. If you position yourself correctly, it could hand you a fortune that you could only previously dream of.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now.
The post A $200 Million Pizza! Here’s How Bitcoin Made That Possible … appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.