Bitcoin Pizza Day: The $500 Million Slice of Crypto History

Ever heard of a $300 million pizza? On May 22, 2010, programmer Laszlo Hanyecz made cryptocurrency history when he traded 10,000 bitcoins for two Papa John’s pizzas. At today’s bitcoin value, that transaction would be worth hundreds of millions of dollars, making these possibly the most expensive pizzas ever purchased.

This seemingly ordinary exchange marked the first real-world transaction using bitcoin, transforming the digital currency from a theoretical concept into something with tangible value. When you look back at this pivotal moment, you’ll understand why cryptocurrency enthusiasts celebrate “Bitcoin Pizza Day” annually, commemorating the transaction that helped legitimize bitcoin as a medium of exchange.

The Story Behind the First Bitcoin Pizza Transaction

A Programmer’s Hunger for Innovation

Laszlo Hanyecz, a Florida-based programmer, made cryptocurrency history on May 22, 2010. As an early Bitcoin miner and developer who contributed to the Bitcoin source code, Hanyecz had accumulated a substantial amount of the digital currency when it had virtually no established value. Eager to demonstrate Bitcoin’s utility as an actual currency rather than just a digital curiosity, he posted a now-famous offer on the Bitcointalk forum: 10,000 BTC for two pizzas.

The 10,000 Bitcoin Pizza Deal

The transaction occurred when fellow forum user Jeremy Sturdivant (username “jercos”) accepted Hanyecz’s offer. Sturdivant ordered two Papa John’s pizzas for approximately $41 and had them delivered to Hanyecz’s home. In exchange, Hanyecz transferred 10,000 bitcoins to Sturdivant—creating the first documented purchase of physical goods using Bitcoin.

This pizza purchase established an implied valuation of Bitcoin at roughly $0.0041 per coin. The pizza transaction gave Bitcoin something it desperately needed: a real-world benchmark value that helped transform it from a theoretical concept into a usable currency.

The Transaction’s Impact on Cryptocurrency

The Bitcoin pizza transaction demonstrated three critical aspects of cryptocurrency:

• Proof of concept – It showed Bitcoin could function as an actual medium of exchange
• Establishment of value – It created the first documented price point for Bitcoin
• Community validation – It built confidence among early adopters that others valued the digital currency

This simple food purchase legitimized Bitcoin in ways that technical discussions couldn’t. By exchanging digital money for tangible goods, Hanyecz bridged the gap between the virtual and physical worlds, helping people understand cryptocurrency’s potential.

The Pizza’s Astronomical Value Today

The 10,000 BTC spent on two pizzas has grown to become one of the most expensive meals in history. The dollar value of those bitcoins has experienced staggering growth:

Year	Approximate Value of 10,000 BTC
2010	$41 (original purchase)
2013	$1.2 million
2017	$40 million
2021	$600 million
Present	Fluctuating in the hundreds of millions

Unlike physical bitcoin collectibles that some enthusiasts purchase today, these were simply standard pizzas that would’ve been consumed within days—making the opportunity cost particularly remarkable.

Despite what might seem like a regrettable decision in hindsight, Hanyecz has repeatedly stated in interviews that he has no regrets about the purchase, recognizing its importance in Bitcoin’s development as a practical currency.

How 10,000 BTC Bought Two Pizzas in 2010

The historic transaction of 10,000 bitcoins for two pizzas represents the first documented commercial use of Bitcoin as a medium of exchange. This pivotal moment occurred through a simple forum post that would ultimately change cryptocurrency history forever.

Meeting Laszlo Hanyecz: The Man Behind Bitcoin Pizza

Laszlo Hanyecz was an early Bitcoin programmer and miner from Florida who contributed significantly to Bitcoin’s development during its infancy. In 2010, Hanyecz had accumulated thousands of bitcoins through mining on his computer using a graphics card setup—a time when mining Bitcoin didn’t require specialized equipment. As an active member of the Bitcointalk forum, he made substantial contributions to Bitcoin’s open-source code, including a patch that enabled mining with graphics processing units (GPUs).

Hanyecz wasn’t simply a technical contributor; he genuinely believed in Bitcoin’s potential as a currency rather than just a theoretical concept. Unlike many early adopters who hoarded their coins, he wanted to demonstrate Bitcoin’s practical utility. This motivation led him to make his now-legendary forum post offering 10,000 BTC for two pizzas—a transaction that would cement his place in cryptocurrency folklore.

In interviews since then, Hanyecz has maintained a remarkably positive attitude about the transaction despite its enormous opportunity cost. He’s often emphasized that he’s “not upset” about trading what would become millions of dollars for pizza, recognizing that the transaction helped legitimize Bitcoin as a functional currency.

Bitcoin Pizza Day: May 22nd’s Significance

May 22nd is now celebrated annually as “Bitcoin Pizza Day” by cryptocurrency enthusiasts worldwide. This date commemorates not just a quirky transaction but a fundamental milestone in Bitcoin’s evolution from abstract concept to real-world currency. Before this purchase, Bitcoin existed primarily as a theoretical payment system—after it, Bitcoin had demonstrated actual purchasing power.

The transaction established Bitcoin’s first verifiable valuation at approximately $0.0041 per bitcoin (based on the $41 pizza purchase). This benchmark price point provided a crucial reference for early adopters and traders, giving Bitcoin a concrete value in relation to physical goods.

Bitcoin Pizza Day celebrations often involve community gatherings, special promotions at cryptocurrency businesses, and, naturally, pizza parties. Some Bitcoin ATM providers like Bitcoin Depot have run promotional campaigns around this date, offering special rates or incentives to commemorate the historic transaction. The celebration has expanded beyond the cryptocurrency community, with mainstream media covering the anniversary each year, calculating the current value of those famous 10,000 bitcoins.

The story serves as both a cautionary tale about Bitcoin’s potential future value and a celebration of its practical origins. While some might view Hanyecz’s transaction as a $300+ million pizza purchase (at current rates), the community recognizes that without this milestone, Bitcoin might never have gained the traction needed to reach its current valuation.

The Staggering Value of Bitcoin Pizza Today

Laszlo Hanyecz’s 10,000 BTC pizza purchase in 2010 represents one of the most dramatic examples of cryptocurrency value appreciation in history. What began as a $41 transaction has transformed into a financial case study that continues to captivate both crypto enthusiasts and newcomers alike.

Calculating the Modern Worth of 10,000 BTC

The modern value of the bitcoin pizza transaction fluctuates daily with market conditions. At Bitcoin’s all-time high of approximately $69,000 in November 2021, those 10,000 BTC were worth around $690 million—making each slice of pizza worth about $43 million. Even during market downturns, the value remains extraordinary. At a price of $35,000 per Bitcoin, the transaction equals $350 million, and at $50,000, it reaches half a billion dollars. This astronomical growth from $41 to hundreds of millions demonstrates Bitcoin’s unprecedented value appreciation in just over a decade.

Year	Bitcoin Price	Value of 10,000 BTC	Equivalent Purchase Power
2010	$0.0041	$41	Two large pizzas
2013	$100	$1,000,000	24,390 large pizzas
2017	$20,000	$200,000,000	4.8 million large pizzas
2021	$69,000	$690,000,000	16.8 million large pizzas
2023	$35,000+	$350,000,000+	8.5+ million large pizzas

To track this value in real-time, many cryptocurrency platforms and Bitcoin ATMs like Bitcoin Depot display current rates, allowing anyone to calculate the present worth of the historic pizza transaction with a simple multiplication.

Lessons in Cryptocurrency Investment

The bitcoin pizza story offers several powerful investment lessons:

• Volatility reality: Bitcoin’s price journey from fractions of a cent to tens of thousands of dollars highlights both its potential returns and inherent volatility.
• HODL philosophy: The transaction exemplifies why many crypto investors adopt the “HODL” (hold on for dear life) strategy rather than spending coins that might appreciate dramatically.
• Utility vs. investment: Hanyecz’s transaction served its purpose of demonstrating Bitcoin’s utility as a currency, even if it came at a massive opportunity cost in hindsight.
• Early adoption risks: Being an early adopter means making decisions without historical precedent—something to consider when evaluating emerging cryptocurrencies today.
• Scam awareness: The dramatic value increase of Bitcoin has spawned numerous bitcoin scams targeting those hoping to replicate such returns—a reminder to exercise caution and due diligence.

While physical bitcoin products exist as collectibles, they’re merely symbolic representations—the actual value remains on the blockchain. The pizza transaction reinforces that cryptocurrency’s real worth isn’t in its physical representation but in its growing acceptance and utility in the digital economy.

Bitcoin Pizza’s Legacy in Crypto Culture

The Bitcoin pizza transaction has transcended its status as a mere purchase to become a cultural cornerstone in cryptocurrency history. This seemingly simple exchange created ripples throughout the digital currency ecosystem that continue to influence how we understand and interact with crypto assets today.

Commemorative Events and Celebrations

Bitcoin Pizza Day celebrations occur globally every May 22nd, marking Laszlo Hanyecz’s historic 10,000 BTC pizza purchase. Cryptocurrency exchanges, communities, and businesses host pizza parties, trading competitions, and special promotions to honor this milestone. Companies like Bitcoin Depot and Cash2Bitcoin sometimes offer themed discounts at their Bitcoin ATMs during this annual celebration.

Major crypto conferences often schedule events around this date, using the occasion to reflect on Bitcoin’s journey from a niche technology to a mainstream financial asset. Online communities organize virtual meetups where veterans share stories about early Bitcoin days, connecting newer enthusiasts with the currency’s roots. These commemorative events serve as both educational opportunities and community-building exercises, reinforcing the shared narrative that binds cryptocurrency adopters together.

How Bitcoin Pizza Shaped Mainstream Adoption

The pizza transaction provided a tangible reference point that made Bitcoin comprehensible to average consumers. Before this purchase, explaining Bitcoin’s utility was largely theoretical; afterward, “the $690 million pizza” became a powerful narrative device for media coverage and public discussion.

This transaction established a crucial precedent for merchants considering cryptocurrency acceptance. The pizza purchase demonstrated that:

• Goods and services could be exchanged directly for digital currency
• Transactions could complete without traditional banking intermediaries
• Consumer interest in spending Bitcoin existed beyond speculation

Financial institutions took note of this proof-of-concept, gradually leading to infrastructure development like Bitcoin ATMs and exchange services. Today, companies like Bitcoin Depot operate thousands of ATMs nationwide, offering convenient cash-to-crypto access points that build upon the foundation laid by the original pizza purchase.

The story also serves as a cautionary tale about potential crypto scams, as its extreme value appreciation has attracted fraudulent schemes. Warnings about “Bitcoin scams 2025” and similar cons often reference the pizza transaction to illustrate legitimate value growth versus too-good-to-be-true promises. While physical bitcoins exist as collectibles, the pizza story reminds us that Bitcoin’s true value comes from its utility and network, not physical representations.

The transaction’s ongoing relevance demonstrates how narrative and practical utility combine to drive cryptocurrency adoption. From a technical curiosity to a recognized asset class, Bitcoin’s journey into mainstream consciousness began with two pizzas and continues with each retelling of this transformative moment in financial history.

How to Participate in Bitcoin Pizza Day

Bitcoin Pizza Day offers multiple ways to celebrate the historic transaction that changed cryptocurrency forever. You can join the festivities through several engaging and educational activities.

Popular Pizza Merchants Accepting Cryptocurrency

Pizza merchants worldwide now embrace cryptocurrency payments, making Bitcoin Pizza Day participation easier than ever. Major chains like Domino’s and Papa John’s (through third-party services) let you follow Hanyecz’s footsteps by purchasing pizza with crypto. PizzaForCoins connects with local pizzerias, enabling bitcoin pizza purchases in numerous locations. Some local establishments directly accept Bitcoin through payment processors like BitPay, creating an authentic experience reminiscent of the original transaction.

Many Bitcoin ATM providers like Bitcoin Depot and Cash2Bitcoin offer special promotions during Bitcoin Pizza Day, making it convenient to convert cash to crypto for your celebratory purchase. These services typically feature lower fees on May 22nd, encouraging new users to experience cryptocurrency transactions firsthand.

Remember to verify the legitimacy of any merchant or service before sending cryptocurrency. The popularity of Bitcoin Pizza Day has unfortunately attracted scammers who create fake promotions or payment portals to steal funds.

Hosting a Bitcoin Pizza Day Event

Hosting your own Bitcoin Pizza Day gathering creates a perfect opportunity to educate friends about cryptocurrency. Order pizzas using Bitcoin through compatible merchants or services, and incorporate educational elements like a brief presentation on the original transaction’s significance. Consider setting up a small Bitcoin mining demonstration to show how cryptocurrency is created.

For larger community events, find local cryptocurrency meetup groups through platforms like Meetup.com or crypto forums. Many cities host annual Bitcoin Pizza Day celebrations at restaurants or coworking spaces, featuring speakers from the crypto industry alongside plenty of pizza.

Trading Commemorative NFTs

Commemorative Bitcoin Pizza Day NFTs offer a digital way to celebrate this historic occasion. Several NFT marketplaces release special collections each May 22nd featuring artwork depicting the famous transaction. These digital collectibles range from affordable entries under $20 to premium pieces selling for thousands.

Limited edition NFTs often include perks like access to exclusive events or membership in cryptocurrency communities. Some charitable collections donate proceeds to coding education or open-source development, honoring Hanyecz’s contributions to Bitcoin’s early development.

When purchasing commemorative NFTs, use established marketplaces like OpenSea or Rarible to avoid potential scams targeting Bitcoin Pizza Day enthusiasts. Verify the authenticity of collections through official social media channels of the creators.

Social Media Challenges and Contests

Cryptocurrency exchanges frequently host Bitcoin Pizza Day challenges with substantial prizes. These contests range from pizza photo sharing with specific hashtags to trading competitions with crypto rewards. Binance, Coinbase, and other major exchanges typically announce their competitions in early May through their official social channels.

Twitter and Reddit become particularly active with Bitcoin Pizza Day discussions, offering opportunities to connect with the broader cryptocurrency community. Many influencers conduct giveaways, asking followers to share their thoughts on what they would have done with 10,000 BTC in 2010.

For newcomers to cryptocurrency, these social media events provide a low-risk entry point to learn about Bitcoin’s history while potentially winning prizes. They also create valuable networking opportunities with experienced cryptocurrency users who can offer guidance.

Conclusion

The Bitcoin pizza transaction stands as more than just an expensive meal in hindsight—it represents the moment cryptocurrency stepped from theory into reality. Beyond its staggering current valuation you can appreciate how this simple exchange validated an entire financial concept.

As you celebrate Bitcoin Pizza Day each May 22nd you’re not just commemorating an amusing piece of crypto folklore but acknowledging a pivotal shift in how we understand digital value. Whether you’re a seasoned investor or crypto novice this story offers invaluable lessons about utility innovation and the evolving nature of currency.

The legacy of those two pizzas continues to shape how we view cryptocurrency today with every slice reminding us that true value comes from practical application and community adoption.

Frequently Asked Questions

What is Bitcoin Pizza Day?

Bitcoin Pizza Day commemorates May 22, 2010, when programmer Laszlo Hanyecz purchased two Papa John’s pizzas for 10,000 bitcoins. This marked the first real-world transaction using Bitcoin, establishing it as a practical currency rather than just a theoretical concept. The day is now celebrated annually by cryptocurrency enthusiasts worldwide as a significant milestone in Bitcoin’s history.

How much were the pizzas worth in 2010?

The two pizzas cost approximately $41 when Laszlo Hanyecz purchased them with 10,000 bitcoins in 2010. This transaction established Bitcoin’s first documented price point at roughly $0.0041 per bitcoin. This seemingly modest purchase would later be recognized as a pivotal moment in cryptocurrency history.

How much would those 10,000 bitcoins be worth today?

The value fluctuates with Bitcoin’s market price. At Bitcoin’s all-time high of about $69,000 in November 2021, those 10,000 bitcoins would have been worth approximately $690 million. At $35,000 per Bitcoin, they’d be worth $350 million, and at $50,000, they’d be worth $500 million—making these possibly the most expensive pizzas in history.

Who was Laszlo Hanyecz?

Laszlo Hanyecz was an early Bitcoin programmer and miner who made significant contributions to Bitcoin’s development, including creating a patch that enabled mining with graphics processing units (GPUs). He initiated the famous pizza transaction to demonstrate Bitcoin’s utility as a real currency, posting his offer on the Bitcointalk forum where it was accepted by Jeremy Sturdivant.

Does Laszlo regret spending 10,000 bitcoins on pizza?

Surprisingly, Hanyecz has expressed no regrets about the transaction despite its astronomical value today. He recognizes that his purchase helped legitimize Bitcoin as a practical currency and contributed to its adoption. Hanyecz has stated that he was “trying to spread Bitcoin” and demonstrate its usefulness as a medium of exchange rather than just an investment.

How is Bitcoin Pizza Day celebrated?

Bitcoin Pizza Day is celebrated with community gatherings, pizza parties, trading competitions, and themed promotions by cryptocurrency exchanges and businesses. Many pizza chains now accept cryptocurrency payments, making it easy to participate. Some enthusiasts host educational events, trade commemorative NFTs, or participate in social media challenges organized by crypto platforms.

What investment lessons can we learn from the Bitcoin pizza story?

The Bitcoin pizza story teaches several key investment lessons: cryptocurrency markets are extremely volatile; sometimes holding (“HODL”) is better than spending; balance utility and investment potential; early adoption carries significant risks; and always be wary of scams. Most importantly, it demonstrates that cryptocurrency’s real value comes from its acceptance and utility in the digital economy.

How did this transaction impact Bitcoin’s adoption?

The pizza transaction provided a tangible reference point that helped average consumers understand Bitcoin’s potential as a currency. It demonstrated that digital currency could be exchanged for real goods and services, validating Bitcoin within its community. This proof-of-concept moment spurred infrastructure development and contributed significantly to Bitcoin’s journey toward mainstream acceptance.

Who completed the transaction with Laszlo Hanyecz?

Jeremy Sturdivant, known as “jercos” on the Bitcointalk forum, accepted Hanyecz’s offer and arranged for the delivery of the two pizzas in exchange for 10,000 bitcoins. Sturdivant, then 19 years old, facilitated this historic transaction by ordering the pizzas and having them delivered to Hanyecz, establishing the first real-world valuation of Bitcoin.

How can I participate in Bitcoin Pizza Day?

You can participate by ordering pizza using cryptocurrency (many chains now accept crypto payments), hosting an educational event for friends, attending local Bitcoin meetups, trading commemorative NFTs, or joining social media challenges run by crypto exchanges. Some Bitcoin ATM providers also offer special promotions on this day, making it a great opportunity to learn about cryptocurrency transactions.