TIL: The First-Ever Bitcoin-to-Fiat Sale: 5,050 BTC for $5.02 in 2009

Have you heard the story of Martti Malmi and the first Bitcoin to Fiat sale?

In the early days of Bitcoin, when it was more of an experiment, Martti Malmi, a lesser-known figure in the market, made history. Back in October 2009, when Bitcoin was still a niche concept, he executed a transaction that saw him exchange 5,050 Bitcoins for a meager $5.02. It was the first time Bitcoin had value in fiat terms instead of being a collectible when NewLibertyStandard bought 5,050 BTC from Martti to start the world's first Bitcoin trading service, equating to roughly one tenth of a cent per bitcoin. What wouldn't even cover a Starbucks coffee today? However, he marked a pivotal moment, proving that Bitcoin had real-world value and could be converted into traditional fiat currency.

And fast forward to today, and the cost of transferring bitcoin is similar to what he got after selling 5,050 bitcoins. To add more, 5,050 BTC is equivalent to $348 million at its peak price of $69,000 per BTC, and now it would still have been $131 million something.

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First Bitcoin to Fiat Sale

You can find the transaction here: https://www.blockchain.com/explorer/transactions/btc/7dff938918f07619abd38e4510890396b1cef4fbeca154fb7aafba8843295ea2