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Bitcoin Pizza Day: A Slice of History

2024-05-20T14:09:48.023+02:00

Monday, 20/05/2024 | 12:09 GMT by

Louis Parks

  • Introducing the most expensive pizza in the world.

  • Two large Papa John’s pizzas for 10,000 Bitcoins.

  • Ah, the benefits of hindsight.

Bitcoin Pizza Day

At least it’s fresh.

Bitcoin Pizza Day, celebrated this Wednesday, May 22, holds a special
place in the world of cryptocurrency. It marks the first time Bitcoin was used
to purchase real-world goods. And what was the first item ever bought with
Bitcoin? Pizza, of course.

On May 22, 2010, a programmer named Laszlo Hanyecz made history by
spending 10,000 Bitcoins to have two (large) Papa John’s pizzas delivered to
his door. This momentous transaction has since become a legendary tale in the
crypto community, commemorated annually as Bitcoin Pizza Day.

The Million-Dollar Pizzas

To understand the significance of Bitcoin Pizza Day, we need to take a
journey back to 2010. At that time, Bitcoin was a relatively obscure digital
currency, primarily used by tech enthusiasts and early adopters. Laszlo
Hanyecz, one of these enthusiasts, decided to demonstrate Bitcoin ’s potential
by using it to buy something tangible. He posted an offer on the
Bitcointalk.org forum, proposing to pay 10,000 Bitcoins for two large pizzas.

After a few days, on May 22, 2010, a fellow forum user accepted the
offer and ordered the pizzas for Hanyecz. This seemingly ordinary transaction
turned into a landmark event, as it was the first recorded instance of Bitcoin
being used to purchase a physical item. Back then, 10,000 Bitcoins were worth
around $41, making the cost of the pizzas quite reasonable. However, Bitcoin’s
value soon began to rise exponentially.

The Soaring Value of Bitcoin

Nine months after the famous pizza purchase, the value of those 10,000
Bitcoins had already risen to $10,000. Fast forward to 2015, and the two pizzas
would have cost him an astonishing $2.4 million. By 2021, when Bitcoin reached
an all-time high of $63,000 per Bitcoin, the value of the pizzas would have
been a jaw-dropping $630 million. It’s no wonder that Hanyecz’s purchase is
often referred to as the most expensive pizza order in history.

Who wants to celebrate Bitcoin Pizza Day at the largest global pizza party EVER, this WEDnesday, May 22?

RSVP below to attend the one in Miami 🍕🎉 🏝️ pic.twitter.com/9dpQCF2ljM

— Liz Mejia 🦥 | BIP-420 (@Lizmej12) May 17, 2024

What Could Hanyecz Have Bought Today?

Let’s play a little game of “what if.” What if Laszlo Hanyecz had
decided to hold onto his 10,000 Bitcoins instead of spending them on pizza? As
of Bitcoin’s peak value of $68,990 in late 2021, Hanyecz’s 10,000 Bitcoins
would have been worth nearly $690 million. To put that in perspective, here’s a
list of things Hanyecz could have bought with that kind of money:

Pizzas

At an average price of $15 each (in the
US), Hanyecz could have indulged in 46 million Papa John’s pizzas. That’s enough to feed a
small country!

Luxury Homes

Beverly Hills Mansion: A sprawling estate with 20,000 sq ft of living
space, 10 bedrooms, 15 bathrooms, a pool, and a private cinema for $100
million. He could buy 6.9 of these mansions.

Penthouse in New York City: A 10,000 sq ft penthouse with stunning city
views, 6 bedrooms, and 8 bathrooms for $80 million. He could purchase 8.6.

Villa in the French Riviera: A luxurious 12,000 sq ft villa with 8
bedrooms, a private beach, and a large infinity pool for $70 million. He’d own 9.9 villas.

Private Islands

Musha Cay in the Bahamas: A 150-acre private island with multiple guest
villas, a private airstrip, and a full staff for $50 million. That’s 13.8 islands.

Cars

Bugatti Chiron: One of the most expensive and luxurious cars in the
world, costing $3 million each. He could buy 230.

Rolls-Royce Phantom: The epitome of luxury, priced at $500,000 each.
He’d own 1,380.

1962 Ferrari 250 GTO: A highly sought-after collector’s car, sold for
$48.4 million. He could buy 14.3.

Private Jets

Gulfstream G650: A state-of-the-art private jet with a price tag of $65
million. That’d be 10.6 planes.

Yachts

Superyacht: A 200-foot luxury yacht with a helipad, multiple decks, and
lavish interiors for $150 million. Fancy 4.6 superyachts?

Fine Art

Leonardo da Vinci’s Salvator Mundi: The most expensive painting ever
sold at auction for $450 million. You’d end up with 1.5 of these masterpieces.

Van Gogh’s Sunflowers: Valued at approximately $80 million. 8.6 copies, anyone? Though we’d suggest a refund on 7.6 of them.

Entertainment

Six Flags Amusement Park: Building a new theme park costs around $300
million. But then who needs more than one?

Luxury World Cruise: A 4-month ultra-luxury world cruise on a private
yacht can cost up to $250,000 per person. He could fund a trip for 2,760
people.

Space Tourism: A ticket to space with SpaceX or Blue Origin costs
around $55 million. 12.5 people to space, please.

Charity

Endow a Scholarship Fund: He could set up a $690 million endowment
fund.

I hope everyone had a great #Bitcoin Pizza Day. pic.twitter.com/e0WYoNNLhG

— Michael Saylor⚡️ (@saylor) May 23, 2023

A Lesson in Hindsight

While Laszlo Hanyecz’s story might be amusing and even a little painful
to think about, it offers a valuable lesson in hindsight and the unpredictable
nature of investments. At the time of his purchase, Bitcoin was a novelty, and
its future was uncertain. Hanyecz’s transaction helped to demonstrate the
practical use of Bitcoin and contributed to its growing legitimacy as a form of
currency.

Hanyecz himself has taken the story in stride, maintaining a sense of
humor about the whole situation. In a 2019 interview with CBS, he told Anderson
Cooper that the transaction “made [Bitcoin] real for some people. It certainly
did for me.” Despite the missed financial windfall, Hanyecz’s contribution to
Bitcoin’s history is undeniable, and his story continues to inspire and
entertain the crypto community.

For more stories on the edge of the markets, visit our Trending section.

Bitcoin Pizza Day, celebrated this Wednesday, May 22, holds a special
place in the world of cryptocurrency. It marks the first time Bitcoin was used
to purchase real-world goods. And what was the first item ever bought with
Bitcoin? Pizza, of course.

On May 22, 2010, a programmer named Laszlo Hanyecz made history by
spending 10,000 Bitcoins to have two (large) Papa John’s pizzas delivered to
his door. This momentous transaction has since become a legendary tale in the
crypto community, commemorated annually as Bitcoin Pizza Day.

The Million-Dollar Pizzas

To understand the significance of Bitcoin Pizza Day, we need to take a
journey back to 2010. At that time, Bitcoin was a relatively obscure digital
currency, primarily used by tech enthusiasts and early adopters. Laszlo
Hanyecz, one of these enthusiasts, decided to demonstrate Bitcoin ’s potential
by using it to buy something tangible. He posted an offer on the
Bitcointalk.org forum, proposing to pay 10,000 Bitcoins for two large pizzas.

After a few days, on May 22, 2010, a fellow forum user accepted the
offer and ordered the pizzas for Hanyecz. This seemingly ordinary transaction
turned into a landmark event, as it was the first recorded instance of Bitcoin
being used to purchase a physical item. Back then, 10,000 Bitcoins were worth
around $41, making the cost of the pizzas quite reasonable. However, Bitcoin’s
value soon began to rise exponentially.

The Soaring Value of Bitcoin

Nine months after the famous pizza purchase, the value of those 10,000
Bitcoins had already risen to $10,000. Fast forward to 2015, and the two pizzas
would have cost him an astonishing $2.4 million. By 2021, when Bitcoin reached
an all-time high of $63,000 per Bitcoin, the value of the pizzas would have
been a jaw-dropping $630 million. It’s no wonder that Hanyecz’s purchase is
often referred to as the most expensive pizza order in history.

Who wants to celebrate Bitcoin Pizza Day at the largest global pizza party EVER, this WEDnesday, May 22?

RSVP below to attend the one in Miami 🍕🎉 🏝️ pic.twitter.com/9dpQCF2ljM

— Liz Mejia 🦥 | BIP-420 (@Lizmej12) May 17, 2024

What Could Hanyecz Have Bought Today?

Let’s play a little game of “what if.” What if Laszlo Hanyecz had
decided to hold onto his 10,000 Bitcoins instead of spending them on pizza? As
of Bitcoin’s peak value of $68,990 in late 2021, Hanyecz’s 10,000 Bitcoins
would have been worth nearly $690 million. To put that in perspective, here’s a
list of things Hanyecz could have bought with that kind of money:

Pizzas

At an average price of $15 each (in the
US), Hanyecz could have indulged in 46 million Papa John’s pizzas. That’s enough to feed a
small country!

Luxury Homes

Beverly Hills Mansion: A sprawling estate with 20,000 sq ft of living
space, 10 bedrooms, 15 bathrooms, a pool, and a private cinema for $100
million. He could buy 6.9 of these mansions.

Penthouse in New York City: A 10,000 sq ft penthouse with stunning city
views, 6 bedrooms, and 8 bathrooms for $80 million. He could purchase 8.6.

Villa in the French Riviera: A luxurious 12,000 sq ft villa with 8
bedrooms, a private beach, and a large infinity pool for $70 million. He’d own 9.9 villas.

Private Islands

Musha Cay in the Bahamas: A 150-acre private island with multiple guest
villas, a private airstrip, and a full staff for $50 million. That’s 13.8 islands.

Cars

Bugatti Chiron: One of the most expensive and luxurious cars in the
world, costing $3 million each. He could buy 230.

Rolls-Royce Phantom: The epitome of luxury, priced at $500,000 each.
He’d own 1,380.

1962 Ferrari 250 GTO: A highly sought-after collector’s car, sold for
$48.4 million. He could buy 14.3.

Private Jets

Gulfstream G650: A state-of-the-art private jet with a price tag of $65
million. That’d be 10.6 planes.

Yachts

Superyacht: A 200-foot luxury yacht with a helipad, multiple decks, and
lavish interiors for $150 million. Fancy 4.6 superyachts?

Fine Art

Leonardo da Vinci’s Salvator Mundi: The most expensive painting ever
sold at auction for $450 million. You’d end up with 1.5 of these masterpieces.

Van Gogh’s Sunflowers: Valued at approximately $80 million. 8.6 copies, anyone? Though we’d suggest a refund on 7.6 of them.

Entertainment

Six Flags Amusement Park: Building a new theme park costs around $300
million. But then who needs more than one?

Luxury World Cruise: A 4-month ultra-luxury world cruise on a private
yacht can cost up to $250,000 per person. He could fund a trip for 2,760
people.

Space Tourism: A ticket to space with SpaceX or Blue Origin costs
around $55 million. 12.5 people to space, please.

Charity

Endow a Scholarship Fund: He could set up a $690 million endowment
fund.

I hope everyone had a great #Bitcoin Pizza Day. pic.twitter.com/e0WYoNNLhG

— Michael Saylor⚡️ (@saylor) May 23, 2023

A Lesson in Hindsight

While Laszlo Hanyecz’s story might be amusing and even a little painful
to think about, it offers a valuable lesson in hindsight and the unpredictable
nature of investments. At the time of his purchase, Bitcoin was a novelty, and
its future was uncertain. Hanyecz’s transaction helped to demonstrate the
practical use of Bitcoin and contributed to its growing legitimacy as a form of
currency.

Hanyecz himself has taken the story in stride, maintaining a sense of
humor about the whole situation. In a 2019 interview with CBS, he told Anderson
Cooper that the transaction “made [Bitcoin] real for some people. It certainly
did for me.” Despite the missed financial windfall, Hanyecz’s contribution to
Bitcoin’s history is undeniable, and his story continues to inspire and
entertain the crypto community.

For more stories on the edge of the markets, visit our Trending section.

Louis Parks

  • 216 Articles

  • 3 Followers

Louis Parks has lived and worked in and around the Middle East for much of his professional career. He writes about the meeting of the tech and finance worlds.

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    The dynamics of the trading landscape are in a perpetual state of evolution. Sustaining profitability necessitates a continuous adaptation of technology solutions. Watch this session to explore key strategies for establishing a successful brokerage platform, understanding regulatory considerations, and leveraging innovative technologies.

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    The dynamics of the trading landscape are in a perpetual state of evolution. Sustaining profitability necessitates a continuous adaptation of technology solutions. Watch this session to explore key strategies for establishing a successful brokerage platform, understanding regulatory considerations, and leveraging innovative technologies.

    SPEAKER:
    Andrew Matushkin, Head of Business Development Department, B2Broker

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    The dynamics of the trading landscape are in a perpetual state of evolution. Sustaining profitability necessitates a continuous adaptation of technology solutions. Watch this session to explore key strategies for establishing a successful brokerage platform, understanding regulatory considerations, and leveraging innovative technologies.

    SPEAKER:
    Andrew Matushkin, Head of Business Development Department, B2Broker

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  • Becoming a Pro Trader: Tools, Habits, and Mindset | FMAS:24

    Becoming a Pro Trader: Tools, Habits, and Mindset | FMAS:24

    Becoming a Pro Trader: Tools, Habits, and Mindset | FMAS:24

    Becoming a Pro Trader: Tools, Habits, and Mindset | FMAS:24

    Becoming a Pro Trader: Tools, Habits, and Mindset | FMAS:24

    Becoming a Pro Trader: Tools, Habits, and Mindset | FMAS:24

    Have you followed markets, tried demos, and even placed a few trades? It’s time to level up. Being a pro trader requires specific skills, and our seasoned professionals will guide you toward developing consistent behavior patterns, mental agility, and a robust trading environment.

    SPEAKER: Adam Button, Chief Currency Analyst at ForexLive @Forexlive

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    Have you followed markets, tried demos, and even placed a few trades? It’s time to level up. Being a pro trader requires specific skills, and our seasoned professionals will guide you toward developing consistent behavior patterns, mental agility, and a robust trading environment.

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    Have you followed markets, tried demos, and even placed a few trades? It’s time to level up. Being a pro trader requires specific skills, and our seasoned professionals will guide you toward developing consistent behavior patterns, mental agility, and a robust trading environment.

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    Have you followed markets, tried demos, and even placed a few trades? It’s time to level up. Being a pro trader requires specific skills, and our seasoned professionals will guide you toward developing consistent behavior patterns, mental agility, and a robust trading environment.

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    Have you followed markets, tried demos, and even placed a few trades? It’s time to level up. Being a pro trader requires specific skills, and our seasoned professionals will guide you toward developing consistent behavior patterns, mental agility, and a robust trading environment.

    SPEAKER: Adam Button, Chief Currency Analyst at ForexLive @Forexlive

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

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    Have you followed markets, tried demos, and even placed a few trades? It’s time to level up. Being a pro trader requires specific skills, and our seasoned professionals will guide you toward developing consistent behavior patterns, mental agility, and a robust trading environment.

    SPEAKER: Adam Button, Chief Currency Analyst at ForexLive @Forexlive

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

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  • Payments in Africa: a Cross-Border, Cross-Device Revolution | FMAS:24

    Payments in Africa: a Cross-Border, Cross-Device Revolution | FMAS:24

    Payments in Africa: a Cross-Border, Cross-Device Revolution | FMAS:24

    Payments in Africa: a Cross-Border, Cross-Device Revolution | FMAS:24

    Payments in Africa: a Cross-Border, Cross-Device Revolution | FMAS:24

    Payments in Africa: a Cross-Border, Cross-Device Revolution | FMAS:24

    Builders of new payment frameworks on the continent will share their insights on shaping “cowrie shell” systems for the digital age.

    MODERATOR: Hwalani Mabaso , Country Director | Women in Tech South Africa Provincial General Manager | Absa

    SPEAKERS:
    Nthabiseng Sibanda, Regional Head: Payments, Africa Regions, Standard Bank Group,
    Dylan Virasamy, Director: Fintech, Visa @Visa
    Natalie Baatjies, Head of Cross Border Payments, MTN South Africa
    Chipo Mushwana, Executive VP Emerging Innovate, Nedbank
    Cindy Sieberts, Country Director, Southern Africa, Onafriq

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    Builders of new payment frameworks on the continent will share their insights on shaping “cowrie shell” systems for the digital age.

    MODERATOR: Hwalani Mabaso , Country Director | Women in Tech South Africa Provincial General Manager | Absa

    SPEAKERS:
    Nthabiseng Sibanda, Regional Head: Payments, Africa Regions, Standard Bank Group,
    Dylan Virasamy, Director: Fintech, Visa @Visa
    Natalie Baatjies, Head of Cross Border Payments, MTN South Africa
    Chipo Mushwana, Executive VP Emerging Innovate, Nedbank
    Cindy Sieberts, Country Director, Southern Africa, Onafriq

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

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    Builders of new payment frameworks on the continent will share their insights on shaping “cowrie shell” systems for the digital age.

    MODERATOR: Hwalani Mabaso , Country Director | Women in Tech South Africa Provincial General Manager | Absa

    SPEAKERS:
    Nthabiseng Sibanda, Regional Head: Payments, Africa Regions, Standard Bank Group,
    Dylan Virasamy, Director: Fintech, Visa @Visa
    Natalie Baatjies, Head of Cross Border Payments, MTN South Africa
    Chipo Mushwana, Executive VP Emerging Innovate, Nedbank
    Cindy Sieberts, Country Director, Southern Africa, Onafriq

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

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    Builders of new payment frameworks on the continent will share their insights on shaping “cowrie shell” systems for the digital age.

    MODERATOR: Hwalani Mabaso , Country Director | Women in Tech South Africa Provincial General Manager | Absa

    SPEAKERS:
    Nthabiseng Sibanda, Regional Head: Payments, Africa Regions, Standard Bank Group,
    Dylan Virasamy, Director: Fintech, Visa @Visa
    Natalie Baatjies, Head of Cross Border Payments, MTN South Africa
    Chipo Mushwana, Executive VP Emerging Innovate, Nedbank
    Cindy Sieberts, Country Director, Southern Africa, Onafriq

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

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    Builders of new payment frameworks on the continent will share their insights on shaping “cowrie shell” systems for the digital age.

    MODERATOR: Hwalani Mabaso , Country Director | Women in Tech South Africa Provincial General Manager | Absa

    SPEAKERS:
    Nthabiseng Sibanda, Regional Head: Payments, Africa Regions, Standard Bank Group,
    Dylan Virasamy, Director: Fintech, Visa @Visa
    Natalie Baatjies, Head of Cross Border Payments, MTN South Africa
    Chipo Mushwana, Executive VP Emerging Innovate, Nedbank
    Cindy Sieberts, Country Director, Southern Africa, Onafriq

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

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    Builders of new payment frameworks on the continent will share their insights on shaping “cowrie shell” systems for the digital age.

    MODERATOR: Hwalani Mabaso , Country Director | Women in Tech South Africa Provincial General Manager | Absa

    SPEAKERS:
    Nthabiseng Sibanda, Regional Head: Payments, Africa Regions, Standard Bank Group,
    Dylan Virasamy, Director: Fintech, Visa @Visa
    Natalie Baatjies, Head of Cross Border Payments, MTN South Africa
    Chipo Mushwana, Executive VP Emerging Innovate, Nedbank
    Cindy Sieberts, Country Director, Southern Africa, Onafriq

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

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