The price of one Bitcoin is approximately ₹80 lakh today. So, if someone possesses 10,000 Bitcoin, his asset would be ₹8,000 crore in today’s scenario. A few years ago, Laszlo Hanyecz (Laszlo) made the first documented purchase of a good with Bitcoin when he bought two Domino’s pizzas for 10,000 BTC. That person must be overcome with regret because eating just one pizza would have given him a Bitcoin fortune worth billions of dollars today.
Laszlo, a programmer and early Bitcoin enthusiast, filed a request to purchase pizza with Bitcoin on May 17, 2010. He claimed to have successfully exchanged 10,000 Bitcoin for two pizzas on May 22. Jercos placed the order and received the money. At the time of the offer, the price of the bitcoins was $41.
The two pizzas would now be worth billions of rupees based on the current value of Bitcoin,
While several smaller tokens saw gains over the day, Bitcoin recovered its initial losses after ending its first weekly decrease since Donald Trump’s presidential triumph.
Bitcoin’s first weekly drop since Trump won
After falling 2.8% earlier Monday, the biggest digital asset was down 1.2% at roughly $93,962 at 4:39 p.m. in New York. Since its last record on December 17, it has dropped almost 13%.
Bitcoin has experienced its first weekly drop since Trump’s election, falling 7.5% over the seven days ending Sunday. Global equities plummeted as the Fed cut interest rates for the third time on Wednesday and hinted at a slower pace of monetary easing next year to control inflation. Bloomberg reported that the hawkish shift also restrained the speculative energy that Trump’s support for a national Bitcoin reserve and his promise of benevolent rules had released in the cryptocurrency market.
Bitcoin Pizza Day
To commemorate the transaction, May 22 is dubbed Bitcoin Pizza Day. Pizza providers worldwide offer discounts to Bitcoin users to commemorate Laszlo’s purchase.
Two separate kinds of taxes apply to cryptocurrency trading in India:
1)According to Section 115BBH of the Income Tax Act of 1961, investors are required to pay 1% TDS (tax deducted at source) when transferring cryptocurrency tokens, commonly referred to as virtual digital assets (VDAs).
2)You must pay a 30% flat tax on any earnings you generate from cryptocurrency transactions.
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