Truth is stranger than fiction, Mark Twain once said. The world of cryptocurrencies is no exception. Take this: In hindsight, someone is regretting trading Bitcoins for two large pizzas, some 14 years ago -- Bitcoins he paid for every single slice then are worth Rs 364 crore today!
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This is a Floridian programmer named Laszlo Hanyecz, who bought two large pizzas and paid 10,000 Bitcoins for them. This was the first-ever recorded real-world transaction using crypto asset, marking May 22 as Bitcoin Pizza Day.
Moreover, it actually took almost four days for the swap to occur!
Hanyecz announced on the Bitcointalk.org forum on May 18, 2010, that he planned to use Bitcoin to buy pizza. He was willing to pay 10,000 Bitcoin to anyone who could place an order. On May 22, 2010 Jeremy Sturdivant, a 19-year-old at the time, started turning heads on the forum. He accepted the offer of 10,000 Bitcoin for two pizzas, valued at around $41 back then.
Had Hanyecz held those 10,000 Bitcoins today, they would have valued a whopping Rs 58,23,33,56,700, or Rs 5,823 crore, today. Each Pizza was worth more than Rs 2,911.66 crore (as of today's calculation pricing Bitcoin at Rs 58,23,335.67) for him as of today. Considering eight slices in a large pizza, each slice would have been worth Rs 364 crore today.
One might think Laszlo Hanyecz was not smartenough for not holding onto his 10,000 Bitcoins, which would be worth a fortune today.
However, his purchase was pivotal as the first successful commercial transaction using Bitcoin. If Hanyecz had not buy those pizzas, Bitcoin might not have demonstrated its real-world utility, said Edul Patel, CEO of Mudrex.
"This transaction showcased Bitcoin's potential as a medium of exchange, contributing to its credibility and adoption. Thus, his seemingly modest purchase played a crucial role in establishing Bitcoin's value and fostering its growth into a mainstream financial asset. This event highlights Bitcoin's evolution from an experiment to a mainstream financial asset," Patel adds.
In hindsight, today's calculation might sound ridiculous to many, but the event makes history for paving the way for crypto-commerce or giving birth to cryptocurrencies as an alternative mode of payment. The novelty in the fad is celebrated by the crypto fanatics across the world.
Bitcoin Pizza Day marks the transition of Bitcoin from a niche hobby for cryptographers and technologists to a more mainstream economic tool, said Sumit Gupta, co-founder, CoinDCX. It is hard to predict exactly because this is a cultural phenomena but the adoption of bitcoin and also crypto may have likely been even slower if the forum member didn’t agree to the exchange, he said.
"The value of Bitcoin might have followed a different trajectory. This iconic event contributed to Bitcoin’s narrative and early community engagement. Without it bitcoin’s price action may have been very different and adoption may have been much lower. If bitcoin pizza day didn’t happen some other food or well known product may have taken that distinction," Gupta adds on a lighter note.
Bitcoin has come a long way since its inception to governments across the globe approving Bitcoin spot ETFs. Bitcoin is recognized as a viable investment by retail and institutional investors. The digital asset class has delivered multibagger returns to investors in the last few months rising to new all times highs of $73,750.07 two months ago. It is currently around $70,000 mark.
Rajagopal Menon, VP, WazirX highlighted the opportunity cost long-term investing in Bitcoins. "Laszlo's pioneering use of GPUs for mining also sparked innovation in specialized mining hardware and techniques. This pizza purchase demonstrated Bitcoin's real-world utility and paved the way for its future growth,” he said.
Bitcoin Pizza Day has been a significant day in the blockchain history, which has resulted in many new fads like stablecoins, Central Bank Digital Currencies (CBDCs), Decentralized Finance (DeFi) and new innovations in the blockchain universe. However, the volatility and unregulated status remains a concern over digital asset class across the world.
FAQs
This is a Floridian programmer named Laszlo Hanyecz, who bought two large pizzas and paid 10,000 Bitcoins for them. This was the first-ever recorded real-world transaction using crypto asset, marking May 22 as Bitcoin Pizza Day. Moreover, it actually took almost four days for the swap to occur!
What did Papa John's do with 10,000 Bitcoin today? ›
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. Oh, and the value of those 10,000 Bitcoin today? Just a cool $650 million.
What is the story of 10 000 Bitcoin pizza? ›
In 2010, programmer Laszlo Hanyecz famously bought two pizzas for 10,000 Bitcoins, now worth billions. Despite the hindsight value, Hanyecz's move showcased Bitcoin's potential. Since then, Bitcoin's use in commerce has expanded, making Bitcoin Pizza Day a symbol of its evolution from novelty to global financial force.
What happened on Bitcoin Pizza Day? ›
Bitcoin Pizza Day celebrates the first real-world Bitcoin transaction in 2010 when Laszlo Hanyecz, a programmer, paid 10,000 Bitcoins for two Papa John's pizzas. This event marked the rise of crypto commerce, as highlighted by Mr. CEO & Co-founder of Mudrex, a Global Crypto Investment Platform.
How much is the Bitcoin pizza worth now? ›
On May 22, 2010, Florida-resident Laszlo Hanyecz paid 10,000 bitcoin (BTC) for two Papa Johns pizzas in what is largely considered to be the first purchase ever made with the then experiential digital currency. The value of those coins would be worth just under $700 million today.
Is the Bitcoin pizza story true? ›
A British man took Laszlo up on the offer, and sent his two pizzas from Papa John's in exchange for 10,000 bitcoins. The man who bought the pizzas received $41 in bitcoin and only had to pay $25. Obviously, the 10,000 bitcoins have appreciated in value well beyond the $41 they were worth on that day in 2010.
How much is 10,000 Bitcoin worth right now? ›
About Bitcoin
| BTC | USD |
|---|
| 500 BTC | 29,069,804.90 USD |
| 1,000 BTC | 58,139,609.80 USD |
| 5,000 BTC | 290,698,049.00 USD |
| 10,000 BTC | 581,396,098.01 USD |
7 more rowsSo, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
How many bitcoins will ever be created in total? ›
The maximum supply of 21 million bitcoins will be reached around the year 2140, after which no new bitcoins can be mined. The 21 million Bitcoin limit also has important implications for the process of Bitcoin mining.
How much was one Bitcoin worth on Bitcoin pizza Day in 2010? ›
How much was one Bitcoin worth on Bitcoin Pizza Day? At that time, on May 22, 2010, 10,000 BTC was worth approximately $41.
Bitcoin BTC/USD price history up until Sep 16, 2024
Bitcoin (BTC) price again reached an all-time high in 2024, as values exceeded over 73,000 USD in March 2024.
Who traded Bitcoin for pizza? ›
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.
Who bought the first Bitcoin? ›
One of the first supporters, adopters, contributors to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on 12 January 2009 (bloc 170).
Did someone really pay 10,000 Bitcoin for pizza? ›
This transaction took place on May 22, 2010. Laszlo made the first-ever real-world Bitcoin transaction by buying two pizzas with 10,000 Bitcoins. Laszlo was excited to share the pictures online and later updated the forum about his successful Bitcoin-for-pizza trade transactions.
How much was one Bitcoin worth when it first came out? ›
What Price Did Bitcoin Start At? Bitcoin was originally worth next to nothing. The transaction that first gave Bitcoin monetary value was in October 2009, when Finnish computer science student Martti Malmi, known online as Sirius, sold 5,050 coins for $5.02, giving each Bitcoin a value of $0.0009 each.
What is the world's most expensive pizza Bitcoin? ›
The World's Most Expensive Pizza's
Laszlo Hanyecz, a Florida-based programmer, will forever be remembered in crypto history for making what is likely the most famous purchase ever. On 22 May 2010, Hanyecz posted on a Bitcoin forum, offering 10,000 BTC to anyone who would deliver two pizzas to him.
What was Papa John's Bitcoin offer? ›
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.
What did Jeremy Sturdivant do with Bitcoin? ›
Jeremy Sturdivant was just 19 when he struck a deal which should have made him a multimillionaire. He answered a message posted on the Bitcointalk chat forum in 2010 from hungry crypto cash legend Laszlo Hanyecz. It read: "I'll pay 10,000 Bitcoins for a couple of pizzas..
How much was one Bitcoin worth on Bitcoin Pizza Day in 2010? ›
How much was one Bitcoin worth on Bitcoin Pizza Day? At that time, on May 22, 2010, 10,000 BTC was worth approximately $41.
Who use 10000 BTC to buy pizza? ›
Ten years ago, a developer named Laszlo Hanyecz made history by becoming the first person to use Bitcoin in a commercial transaction. On May 22, 2010, when Bitcoin was just over a year old, he did something that would forever be remembered in cryptocurrency space: he bought two pizzas for a whopping 10,000 BTC.
