Aofex

Pomp to Launch ‘Bitcoin Pizza’ to Help Fund BTC Development

UTC by Mercy Tukiya Mutanya · 3 min read
Pomp to Launch ‘Bitcoin Pizza’ to Help Fund BTC Development
Photo: Depositphotos

All proceeds from the initiative will be donated to the Human Rights Foundation Bitcoin Fund.

Just days before this year’s celebration of Bitcoin Pizza Day, Bitcoin bull and influencer Anthony “Pomp” Pompliano announced the launch of a national pizza brand called Bitcoin Pizza. To be launched on May 22, the brand is working with local pizzerias in 10 US cities: New York City, Boston, San Francisco, Seattle, Los Angeles, Miami, Houston, Austin, Chicago and Washington. 

Dubbed “the first decentralized pizza brand”, Bitcoin Pizza will only be offering 10,000 pizzas on Saturday. Funds realized in the duration of this initiative (22 May to 29 May) will be used to support Bitcoin development.

Bitcoin Pizza Day is celebrated yearly to commemorate the first use of Bitcoin to purchase a real-world product. In 2010, Laszlo Hanyecz purchased two Papa John’s pizzas for 10,000 BTC. The transaction was proof that Bitcoin could be used for the same purpose as fiat. It has gone on to become “the most expensive pizza” as today, that purchase would be worth more than $400M. 

Individuals from participating cities can purchase pizza from eatbitcoinpizza.com and a local pizzeria will make the pizza and deliver it in a Bitcoin Pizza box. Customers get to choose from a crypto-themed menu that includes options like “Laser Eyes”, “Satoshi’s Favorite”, ” No Keys, No Cheese”, “Capital Greens” and “Lightning Meat”. 

Ironically, Bitcoin Pizza will not be accepting Bitcoin as a form of payment. This makes sense as the money generated will be used to fund Bitcoin development and not held for appreciation.

All proceeds from the initiative will be donated to the Human Rights Foundation Bitcoin Fund self-described as “a fund to support open-source software developers who are making the Bitcoin network more private, decentralized, and resilient so that it can better serve as a financial tool for human rights activists, civil society organizations, and journalists around the world.” The fund was launched in June 2020 and by 15th April 2021, had given out $746,000 worth of Bitcoin and fiat. 

The Bitcoin Pizza website reads:

“We believe more than just a digital currency, Bitcoin can help in creating a better world, uplifting society, and building a new-age financial eco-system for a brighter today and tomorrow/”

 Pomp’s initiative was mostly well-received on social media. It had the support of fellow podcaster Peter McCormack, Binance CEO Changpeng Zhao and Philadelphia 76ers President of Basketball Operations Daryl Morey.

Of course, there was also some criticism. Twitter user Joel Venezuela accused Pomp of setting ‘back Bitcoin 11 years’ by not accepting BTC payments. 

It remains to be seen how this new endeavour will affect Bitcoin prices which took a tumble after Tesla CEO Elon Musk announced that the EV company would no longer be accepting Bitcoin as a mode of payment while it sought ‘greener’ alternatives. 

Bitcoin News, Blockchain News, Cryptocurrency news, News
Mercy Tukiya Mutanya

Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.

Related Articles