Once upon a time, the first thing that was sold on eBay was a broken laser pointer.
The very first item sold on eBay was a broken laser pointer for $14.83. Astonished, Omidyar contacted the winning bidder and asked if he understood that the laser pointer was broken. In his responding email, the buyer explained: “I’m a collector of broken laser pointers.”
Once upon a time, the first real goods sold using bitcoins was a ten thousand (10,000) Bitcoin pizza.
Now ten thousand bitcoins can probably buy you a Pizza joint. A restaurant. A fast food store.
So I took the liberty to return to this root incident. Asking this:
When will a 10,000 Satoshi pizza be sold? Or viably, reasonably be able to be offered and sold?
Currently, 100,000,000 Satoshi equals 1 bitcoin. One hundred million.
Ten thousand Satoshi is valued (currently Feb 2017) at USD $0.1165440000. (taken from 99bitcoins.com) https://99bitcoins.com/satoshi-usd-converter/
That is not a probable acceptable price for an average pizza. (Or is it? Since price is created in the mind!)
Let’s raise the ante. One hundred thousand S (100k) would be moving one decimal point. That would equal USD $1.16. Still too low.
Raising one more, 1 million S, would be $10.16 USD. That is perhaps alright. Well it was alright for most Americans, Japanese, or Australians, or Canadians or British, but frankly 10 USD for a pizza is quite a high priced meal, on average across Asia.
For instance, you could eat 10 murtabak daging in Malaysia. That is a huge treat.
Or ten bowls of som tam in Thailand.
Though to keep things back into perspective, we now moved twice, two decimal points to get to an acceptable price. Two decimal points to the left means 100X – one hundred times – or literally multiply by 100. Times current value to 100.
Hence, if we use that to put a value to bitcoin’s true pizza potential:
100 X current price ( USD $1200) = USD$120,000 per bitcoin
That is a very luxurious goal. Then the next question is when will bitcoin find this equilibrium price to let us start our own decent pizza place?!
Some people estimate things from thin air. Some with proof. Some with pseudo proof. If you have any, feel free to write.
Now I am merely using some values that I heard over in Youtube. One guy mentioned from all the prices he had seen, it seems in the long run, price doubles every 4 months. Another said it should double yearly. Another said, it’s 9 months.
Let’s go for the long call. Doubling yearly.
That is about 7 years from today. 2017 + 7 = 2024.
When it is year 2024, feel free to look for me and buy a pizza from my restaurant. I have yet to think of a name for it. Plus I am open to partnership to open this restaurant, sell some delicious affordable pizza.
NOTE: Bitcoin Pizza Day is celebrated on 22nd May 2010. That was 7 years ago. What a coincidence. We have 7 more years to go.