In the annals of cryptocurrency history, Bitcoin Pizza Day stands out as a unique celebration. This day, observed on May 22 each year, marks a significant milestone when bitcoin was first used to purchase physical goods. It all began in May 2010, when a programmer named Laszlo Hanyecz decided to buy two large pizzas using bitcoin.
Laszlo Hanyecz, a resident of Florida and an early adopter and miner of bitcoin, made this groundbreaking transaction. At the time, bitcoin mining was relatively straightforward, as each successful miner received 50 BTC for solving a block. Given the low competition, Hanyecz could mine 10,000 BTC by discovering just 200 blocks.
On May 18, 2010, Hanyecz posted on Bitcointalk.org, a popular forum, expressing his desire to buy two large pizzas using bitcoin. He offered 10,000 BTC to anyone willing to order, pick up, and deliver the pizzas to him. Although someone pointed out that he could sell those bitcoins for $41 on an exchange (with BTC valued at less than half a cent per coin), Hanyecz persisted with his pizza quest.
In a 2019 interview with CBS, Hanyecz shared with Anderson Cooper that this transaction “made [bitcoin] real for some people. It certainly did for me.” Despite initial challenges in finding a willing participant, Hanyecz finally succeeded on May 22, 2010. Jeremy Sturdivant, a 19-year-old known online as “jercos,” accepted the offer and delivered two Papa John’s pizzas to Hanyecz.
Hanyecz triumphantly posted, “I just want to report that I successfully traded 10,000 bitcoins for pizza.” This seemingly simple transaction would later be celebrated worldwide as a pivotal moment in bitcoin history.
The value of bitcoin soared over the years. Hypothetically, had Hanyecz held onto his 10,000 BTC and sold them at bitcoin’s peak price of $68,990, he could have amassed approximately $690 million. This fortune would have been enough to purchase about 46 million large Papa John’s pizzas at $15 each.
Bitcoin Pizza Day is more than a quirky footnote in the cryptocurrency saga; it is a reminder of bitcoin’s evolution and its increasing acceptance as a medium of exchange. Each year, on May 22, the crypto community celebrates this historic transaction and reflects on the incredible journey of bitcoin from a niche digital asset to a global financial phenomenon.
