@Ekpocha 27 May 2020

Market Analysis

Last Friday marked the 10 year anniversary of the infamous Bitcoin pizza purchase – the first time anyone in the world bought a tangible good or service using Bitcoin. On 22 May 2010, computer programmer Laszlo Hanyecz bought two large pizzas for 10,000 BTC, which was at the time equivalent to roughly $41. Today, those 10,000 BTC would come in at somewhere nearer $90,000,000 – impressive returns. Though we’re sure demonstrating to the world that Bitcoin is a viable means of exchange has been rewarding enough. Fittingly, there was another blast from the past last week when a transaction stemming from a block reward dating back to 9 February 2009 moved 50 BTC. This sparked rumours that Satoshi was selling their Bitcoin – a theory that has since been widely disproved. However, after a bullish start to the week, the news did still arguably contribute to a tumble in the Bitcoin price towards the end.   It was better news for altcoins, though. Ether and XRP both had stronger weeks than Bitcoin, albeit still having fallen slightly.