The $1.1 Billion Pizza: How 10,000 Bitcoin Bought Two Pies That Changed Crypto History
- How Did Bitcoin Pizza Day Begin?
- The World's Most Expensive Takeout Order
- Bitcoin's Meteoric Rise From Pizza to Fortune
- Why Bitcoin Pizza Day Matters
- Where Are They Now?
- Celebrating Bitcoin Pizza Day
- Frequently Asked Questions
In what's become cryptocurrency's most legendary lunch order, software developer Laszlo Hanyecz made history on May 22, 2010 by spending 10,000 bitcoin (BTC) for two Papa John's pizzas. What seemed like a simple food transaction became the first known commercial use of Bitcoin - and would eventually be worth over $1 billion at peak valuation. This article explores the fascinating story behind Bitcoin Pizza Day, its significance in crypto history, and how that $41 pizza order demonstrated Bitcoin's real-world potential before anyone imagined its meteoric rise.
How Did Bitcoin Pizza Day Begin?
The year was 2010, and Bitcoin was barely a year old - more of a cryptographic experiment than a currency. Early miner Laszlo Hanyecz had accumulated thousands of BTC through his home computer (mining was that easy back then). On May 18, he posted on the Bitcoin 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." His specific instructions included "standard stuff no weird fish topping."
The World's Most Expensive Takeout Order
Four days later, a British Bitcoin enthusiast named Jeremy Sturdivant (jercos) took the deal, ordering two pizzas from Papa John's to Hanyecz's Florida home in exchange for 10,000 BTC. At the time:
- 10,000 BTC = $41 (about $0.0041 per Bitcoin)
- Two large pizzas ≈ $25
- Delivery fee: Priceless (in hindsight)
In his forum post confirming the transaction, Hanyecz wrote: "I just want to report that I successfully traded 10,000 bitcoins for pizza." Little did he know he'd just created crypto's most famous benchmark.
Bitcoin's Meteoric Rise From Pizza to Fortune
Let's put that pizza purchase in perspective with Bitcoin's price milestones:
| Date | Bitcoin Price | 10,000 BTC Value |
|---|---|---|
| May 2010 | $0.0041 | $41 (2 pizzas) |
| Feb 2011 | $1.00 | $10,000 |
| Nov 2013 | $1,000 | $10 million |
| Dec 2017 | $19,783 | $197.8 million |
| Apr 2021 | $64,863 | $648.6 million |
| Nov 2021 | $69,000 | $690 million |
| Mar 2024 | $73,000 | $730 million |
Data source: CoinGlass historical price charts
Why Bitcoin Pizza Day Matters
Beyond being crypto's favorite "what if" story, this transaction marked several critical milestones:
- First Real-World Use: Proved Bitcoin could facilitate actual commerce
- Price Discovery: Established an early valuation benchmark
- Community Building: Showed crypto enthusiasts collaborating across continents
- Cultural Touchstone: Became crypto's version of "I bought Amazon stock in 1997"
As Hanyecz later told: "It made it real for some people, I mean it certainly did for me." That $41 pizza order demonstrated Bitcoin's potential as a medium of exchange - even if today it's primarily seen as "digital gold."
Where Are They Now?
Hanyecz, now known as "the Bitcoin Pizza Guy," reportedly bought more pizza with BTC in subsequent years (including another 10,000 BTC order). He's stated he has no regrets: "It wasn't like bitcoins had any value back then."
The recipient of those 10,000 BTC? Their fate remains unknown - though if held, they'd be worth hundreds of millions today. As for the pizzas? They've achieved legendary status, with replicas occasionally auctioned for charity.
Celebrating Bitcoin Pizza Day
Every May 22, the crypto community celebrates with:
- Pizza giveaways at exchanges like BTCC
- #BitcoinPizzaDay trending on social media
- Charity fundraisers accepting crypto
- NFTs commemorating the historic transaction
It's become both a celebration of how far crypto has come and a cautionary tale about volatility - after all, today's "overpriced" NFT might be tomorrow's bargain.
Frequently Asked Questions
Did someone really pay 10,000 Bitcoin for pizza?
Yes! On May 22, 2010, Laszlo Hanyecz exchanged 10,000 BTC for two Papa John's pizzas delivered to his Florida home. At the time, the bitcoins were worth about $41.
What day is Bitcoin Pizza Day?
May 22, commemorating the date of the first known commercial Bitcoin transaction in 2010.
How much was 1 Bitcoin worth on Pizza Day?
Approximately $0.0041 per BTC based on the pizza transaction valuation.
Does the Bitcoin Pizza Guy regret his purchase?
Hanyecz has repeatedly stated he has no regrets, noting that Bitcoin had no established value at the time and the transaction helped prove its real-world utility.
What would those 10,000 Bitcoin be worth today?
At Bitcoin's all-time high near $73,000, the pizza BTC WOULD be worth approximately $730 million. Even at current prices around $60,000, that's $600 million.
Can you still buy pizza with Bitcoin?
Yes! While not common, several pizza chains and local shops accept crypto payments. Some crypto debit cards also let you spend Bitcoin anywhere.
