What Is Bitcoin Pizza Day?
Each year, May 22 marks the anniversary of the day a Florida man paid 10,000 BTC for two pizzas in the first Bitcoin transaction. The day has become legendary, first because it was the first commercial use of bitcoins, but more so because of Bitcoin’s worth in the following years. For the two pizzas, the man in question paid a fortune at today’s prices.
Key Takeaways
- May 22 has become a commemoration date of sorts for the cryptocurrency community.
- A man in Florida posted a request for someone to make or purchase, then deliver two pizzas on Bitcoin Forum and paid 10,000 BTC.
- This was the first commercial transaction using bitcoins.
- Years later, the transaction between two people was worth a fortune.
History of Bitcoin Pizza Day
On May 22, 2010, now known as “Bitcoin Pizza Day,” Laszlo Hanyecz, the Florida man, agreed to pay 10,000 bitcoins for the delivery of two Papa John’s pizzas. On the Bitcoin Talk forum, Hanyecz reached out for help. “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,” Hanyecz wrote.
“I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!”
A British man took up Hanyecz’s offer and bought the two pizzas for him in exchange for 10,000 bitcoins. Even then, the recipient of the bitcoins got a bargain, paying about $25 for the pizzas, while 10,000 bitcoins were then worth around $41.
World’s Most Expensive Pizzas
Since that purchase, Hanyeczs’ pizzas have become far more costly. Nine months after the purchase, Bitcoin reached parity with the U.S. dollar, making the two pizzas worth $10,000. In 2015, the fifth anniversary of Bitcoin Pizza Day, the two pizzas were valued at $2.4 million. On May 22, 2023, Bitcoin was at just over $26,850, making the pizzas worth…you get the point.
Despite the massive rise in the price of Bitcoin, Hanyecz says he is not phased about his deal. “It wasn’t like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” Hanyecz has said.
Did Someone Really Pay 10,000 Bitcoin for Pizza?
Yes, a person paid 10,000 BTC for two pizzas in 2010, when its prices were far less than today.
What Day Is Bitcoin Pizza Day?
Bitcoin Pizza Day is May 22, commemorating a 10,000 BTC pizza purchase.
How Much was 1 BTC Worth on Pizza Day?
According to the conversation on Bitcoin Forum in 2014, 1 BTC on May 22, 2010 was worth $0.0041, making the purchase amount $41.
The Bottom Line
Bitcoin’s value has gone up significantly since the first Bitcoin Pizza Day, illustrating the cryptocurrency’s impressive growth since its early days, when its worth was fungible for not more than a couple of pizzas. The rise in Bitcoin’s value is a testament to its increasing acceptance and use in digital transactions worldwide.
However, Bitcoin is highly volatile. Its price can fluctuate rapidly, potentially leading to momentous gains or significant losses. Thus, while the growth trajectory of Bitcoin attracts investors, caution and informed decision-making are paramount when investing in this cryptocurrency because of its elevated risk.
Read the original article on Investopedia.