This restaurateur served sushi for Bitcoin, his life changed – What he did with his treasure


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Categories : Bitcoin

Sushi that’s worth its weight in gold It’s an extraordinary new story, only Bitcoin (BTC) has the secret, which we’re going to tell you today.

[…] After the incredible adventure of the Taihuttu family who sold everything to buy $900 worth of Bitcoin, here’s the story of the restaurateur who received 10 BTCs in exchange for a few sushi.

A bill paid in Bitcoins in 2013

This Bitcoinsic anecdote was lived by the journalist Kashmir Hill, who explains, in the New York Times, how it all began.

It was in May 2013, when the value of a single Bitcoin had just reached a new peak – at over 100 dollars – that the journalist decided to settle her bill at a Japanese restaurant with the young cryptomony created by Satoshi Nakamoto.

It must be said that the journalist had tried to spend her Bitcoin, bought for a handful of dollars some time before, on a young site called Coinbase.

„There weren’t many places that knew about Bitcoin, let alone accepted it for purchases. But since I was living in the technological mecca of San Francisco at the time, I still had a few options, including a cupcake store and a sushi restaurant called ‚Sake Zone‘. »
Kashmir Hill

And it was in the latter that she spent almost all of her last bitcoins of the time. For the occasion, the journalist had created a meet up event open to members of a new community of Bitcoin enthusiasts, which had just been created on the social network Reddit.

When simply accepting Bitcoins can pay big dividends

The manager of the Japanese restaurant Sake Zone, Yung Chen, had therefore taken the risk of receiving a motley crew of early cryptocurrency enthusiasts, and above all of accepting Bitcoins at a time when it was not easy to convert them back into fiat money.

At the end of the evening, he received 10.35 BTC as payment for the drinks of the guests of the journalist Kashmir Hill. What was then worth $1,000 is now valued at $240,000.

Seven and a half years later, the journalist called Yung Chen on the phone to find out where he stood. It turns out that the restaurateur was able to retire a little early, thanks in part to the bitcoin he had earned at the time. Indeed, by accepting Bitcoin early, he had accumulated 41 BTCs in those years. A gigantic hoard that would be worth $950,000 today.

But Cheng has nevertheless yielded to the temptation to resell some of it since, during the previous speculative bubble of 2017. A sale that he explains he regrets:

„In 2017, after the closure of the Sake Zone, when the bitcoins were worth a few thousand dollars […] [I] sold about a quarter of these bitcoins. I feel so badly about it…. Now I’m keeping them. Now I’m keeping it. That’s all I’m doing. I have them right here, like a stock, and I’m waiting. Bitcoin has become one of my main savings assets. »

Bitcoin has transformed more than a lifetime since its inception in 2009. Everyone who has been in the cryptosphere long enough has felt the same as the 2 protagonists of this story. However, even if HODL is a self-respecting art of living, spending a few satoshis (and not whole Bitcoins anymore) brings the Bitcoin network to life, so we have to find the right balance.