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On May 22, 2010, a man in Florida paid 10,000 Bitcoin for pizza.
When Laszlo Hanyecz bought two pizzas from Papa John’s that day, it was considered to be the first ever purchase with Bitcoin. The transaction paved the way for the financial revolution brought about by cryptocurrency.
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Oh, and the value of those 10,000 Bitcoin today? Just a cool $670 million.
Since then, May 22 has been dubbed ‘Bitcoin Pizza Day,’ commemorating the day that Bitcoin was first used for commercial purposes. Here’s more about that fateful day.
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What happened on May 22, 2010?
On January 3, 2009, Bitcoin’s creator, Satoshi Nakamoto, mined the first block of the Bitcoin blockchain, known as the Genesis Block, which contained a reward of 50 Bitcoin. The technical foundations of Bitcoin were being established at the time, but the currency did not have any real-world value.
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That changed on May 22, 2010, when Laszlo Hanyecz, a Florida-based programmer, offered 10,000 bitcoins to anyone who would order him two pizzas from Papa John’s.
Hanyecz wrote on the Bitcoin Talk forum: “I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!”
He further added what toppings he likes: “I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.”
“If you’re interested please let me know and we can work out a deal.”
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… And the pizzas were delivered
A British man who was also a Bitcoin enthusiast took him up on the offer and bought Hanyecz the two pizzas for 10,000 Bitcoin. At that time, 10,000 Bitcoin was worth approximately $41; the pizzas delivered were valued at $25.
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It was a multi-million-dollar pizza
Since Bitcoin’s first transaction in 2010, the value of the premier cryptocurrency has reached the sky.
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The first Bitcoin halving happened on Nov. 28, 2012, when the reward for mining a block was reduced from 50 Bitcoin to 25. At that time, Bitcoin’s price was $12.
The second halving event occurred on July 9, 2016, when the reward was reduced from 25 Bitcoin to 12.5. The price of the cryptocurrency was then $658.
The third halving occurred on May 11, 2020, when the Bitcoin incentive was reduced by half to 6.25 Bitcoin. At that time, Bitcoin was at $8,601.
The most recent halving occurred on April 19, 2024, which divided the mining reward to 3.125 Bitcoin. Currently, Bitcoin is around $67,000, which puts those 10,000 Bitcoin at around $670 million.
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After 14 years, how does it feel to pay 10,000 Bitcoin?
It would be hard to comprehend today why someone would fork over 10,000 Bitcoin simply to get pizza. But Hanyecz says he has no regrets and feels proud that he contributed to Bitcoin’s history. In his view, Bitcoin was destined to grow, and if he had not made the transaction, someone else would have.
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Check how people are celebrating ‘Bitcoin Pizza Day’
It’s amusing to think that two pizzas from Papa John’s sparked a global revolution in the financial industry and altered our perception of money, but that’s exactly what happened.
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To celebrate the anniversary, Binance, the largest crypto exchange, is organizing a global takeover with simultaneous Pizza Day events in sixteen countries from May 17 through May 22. From Binance Pizza Van deliveries in South Africa to pizza parties in Thailand, the company says it’s commemorating the historical event by engaging and educating people.
In addition to the festivities, hashtags like #BitcoinPizzaDay and #PizzaForBitcoin trend on social media platforms at this time every year as Bitcoin enthusiasts celebrate just how far the cryptocurrency has come.
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