Bitcoin Pizza Day: The $600 Million Crypto Purchase That Made History

Have you ever heard of the world’s most expensive pizza purchase? On May 22, 2010, programmer Laszlo Hanyecz made cryptocurrency history when he traded 10,000 Bitcoin for two Papa John’s pizzas. At today’s value, those coins would be worth millions of dollars—making this transaction an iconic moment in Bitcoin’s evolution.

This seemingly ordinary purchase marked the first real-world commercial transaction using Bitcoin, transforming the digital currency from theoretical concept to practical medium of exchange. What started as a simple pizza craving has become known as “Bitcoin Pizza Day,” celebrated annually by cryptocurrency enthusiasts worldwide.

You’ll discover how this legendary transaction helped legitimize Bitcoin and why it continues to serve as both a cautionary tale and inspiration for crypto investors. The story demonstrates how dramatically digital currencies have evolved and highlights the unpredictable nature of this revolutionary financial technology.

The Famous Bitcoin Pizza Story: How 10,000 BTC Bought Two Pizzas

On May 22, 2010, Florida programmer Laszlo Hanyecz made cryptocurrency history when he paid 10,000 Bitcoin for two Papa John’s pizzas. The transaction occurred when Hanyecz posted on the Bitcointalk forum offering the BTC in exchange for someone to order and deliver pizza to him. A British man accepted the offer, ordering the two pizzas for about $41, completing what’s now recognized as the first real-world Bitcoin purchase.

At the time, Bitcoin had almost no monetary value, with each coin worth less than a penny. Those same 10,000 Bitcoin would be worth approximately $600 million today, making these possibly the most expensive pizzas ever purchased. The transaction demonstrated Bitcoin’s potential as a practical currency rather than just a theoretical concept.

This pizza purchase transformed how people viewed Bitcoin’s utility. Before this event, Bitcoin existed primarily as an experiment among tech enthusiasts. After Hanyecz’s purchase, businesses began seeing cryptocurrency as a legitimate payment method. The date of this transaction, May 22, is now celebrated annually as “Bitcoin Pizza Day” by the crypto community worldwide.

Hanyecz has stated in numerous interviews that he doesn’t regret the purchase. He views his contribution as a necessary step in Bitcoin’s evolution from obscure digital token to global financial asset. The bitcoin pizza story serves as both a fascinating historical milestone and a powerful reminder of cryptocurrency’s volatile and unpredictable nature.

Unlike today’s convenient options like Bitcoin ATMs or Bitcoin Depot locations where you can convert crypto to cash, early Bitcoin users had few ways to use their digital assets. This transaction helped pave the way for the development of cryptocurrency infrastructure that makes buying, selling, and using Bitcoin significantly easier today.

Who is Laszlo Hanyecz? Meet the Bitcoin Pizza Guy

Laszlo Hanyecz, a Florida programmer, became legendary in the cryptocurrency world as the “Bitcoin Pizza Guy” after making the first documented real-world purchase using Bitcoin. On May 22, 2010, Hanyecz posted on the Bitcointalk forum offering 10,000 Bitcoin for two pizzas from Papa John’s. This seemingly simple transaction transformed Bitcoin from a niche digital token into a legitimate medium of exchange.

Before his famous pizza purchase, Hanyecz contributed significantly to Bitcoin’s early development. He was among the first to mine Bitcoin using graphics processing units (GPUs) instead of CPUs, dramatically increasing mining efficiency. This innovation helped establish mining methods still used today, though modern miners now use specialized equipment rather than visiting a Bitcoin ATM or Bitcoin depot.

At the time of the purchase, Bitcoin had minimal monetary value—the 10,000 BTC exchanged for two pizzas was worth approximately $41. Today, that same amount would be valued at around $600 million, making Hanyecz’s meal possibly the most expensive food order in history. Despite this staggering value discrepancy, Hanyecz maintains he has no regrets, understanding his role in legitimizing bitcoin pizza transactions.

In interviews following his claim to fame, Hanyecz has expressed pride in his contribution to cryptocurrency adoption. He views the transaction as necessary for Bitcoin to evolve from a theoretical concept into a practical currency. Unlike victims of bitcoin scams that have emerged in recent years, Hanyecz made a deliberate choice that helped establish cryptocurrency’s real-world utility.

After his historic purchase, Hanyecz continued to support the Bitcoin community but maintained a relatively low profile. He occasionally appears at cryptocurrency conferences as a respected early adopter, sharing insights from the days when physical bitcoin didn’t exist and the concept of digital currency was foreign to most people.

Hanyecz’s legacy extends beyond the pizza transaction—he represents the pioneering spirit of early cryptocurrency adopters who believed in Bitcoin’s potential before it gained mainstream recognition. His story continues to inspire new generations of crypto enthusiasts and serves as a reminder of how far digital currencies have come since those early pizza days.

May 22, 2010: The Day That Changed Cryptocurrency History

On May 22, 2010, a Florida programmer named Laszlo Hanyecz made cryptocurrency history with a simple food purchase. This transaction, now known as the “Bitcoin pizza” purchase, became the first documented case of Bitcoin being used to buy a physical good.

How the Transaction Worked

Laszlo posted a straightforward offer on the Bitcointalk forum: 10,000 BTC for two pizzas. He didn’t care if someone made the pizzas themselves or ordered them from a restaurant—he just wanted them delivered to his house. A British man named Jeremy Sturdivant (username “jercos”) accepted the offer, placing a Papa John’s order for Laszlo from across the Atlantic. Jeremy received the 10,000 BTC transfer, and Laszlo got his two pizzas—creating the first real-world Bitcoin commercial transaction. The forum post confirmed the completion of this exchange, documenting the moment cryptocurrency moved from theoretical to practical use. Unlike modern cryptocurrency exchanges or Bitcoin ATMs like those operated by Cash2Bitcoin, this transaction required trust and direct communication between two forum users.

The Value of Those Pizzas Today

Those two pizzas, which cost approximately $41 in 2010, represent one of the most dramatic value increases in financial history. The 10,000 BTC spent on the pizzas would be worth approximately $600 million today. This staggering value difference has cemented the transaction as both a milestone and a cautionary tale in cryptocurrency history. Unlike physical bitcoin coins (which are collector’s items with embedded private keys), these digital coins had no tangible form but enormous future value. The pizzas’ current valuation exceeds the total market cap of many corporations and highlights the volatile, unpredictable nature of cryptocurrency investments. This transaction serves as a reminder of how early Bitcoin adopters couldn’t have anticipated its meteoric rise and stands in stark contrast to today’s ecosystem with regulated services like Bitcoin Depot ATMs that allow conversion between crypto and cash.

Bitcoin Pizza Day: An Annual Crypto Celebration

Bitcoin Pizza Day commemorates Laszlo Hanyecz’s historic purchase on May 22, 2010, celebrating the first real-world transaction using Bitcoin. This crypto holiday has evolved into a global phenomenon observed by enthusiasts worldwide.

How the Community Commemorates the Occasion

Crypto enthusiasts celebrate Bitcoin Pizza Day through various creative and community-building activities. Many local Bitcoin meetups host pizza parties where attendees share slices while discussing the latest developments in cryptocurrency. These gatherings often feature educational talks about how far Bitcoin has come since Hanyecz’s famous purchase.

Online communities organize virtual celebrations with pizza-themed memes, artwork, and social media campaigns using hashtags like #BitcoinPizzaDay. Crypto exchanges and service providers frequently run special promotions, offering discounted trading fees or Bitcoin-themed merchandise to mark the occasion.

Several pizza chains have embraced the holiday, accepting Bitcoin payments and creating special “Bitcoin Pizza” offerings available only on May 22nd. Some restaurants partner with companies like Bitcoin Depot to facilitate crypto payments through their network of ATMs, making it easier for customers to participate in the tradition.

Educational institutions and blockchain organizations use this day to host workshops explaining crypto fundamentals, helping newcomers understand how to securely store their digital assets and avoid Bitcoin scams. These sessions highlight the contrast between Hanyecz’s simple forum transaction and today’s sophisticated ecosystem with regulated services like Cash2Bitcoin ATMs.

Collectors and enthusiasts also showcase their physical Bitcoin coins and memorabilia during these celebrations, though these items function as collectibles rather than actual cryptocurrency. The commemorations ultimately serve as reminders of both Bitcoin’s humble beginnings and its remarkable journey to becoming a globally recognized financial asset.

The Legacy of the Bitcoin Pizza Transaction

The Bitcoin pizza transaction represents a pivotal moment in cryptocurrency history, transforming Bitcoin from an obscure digital token to a legitimate medium of exchange. This seemingly simple purchase has left an indelible mark on the crypto ecosystem, influencing adoption patterns and offering valuable insights for investors.

Impact on Cryptocurrency Adoption

The pizza transaction catalyzed mainstream cryptocurrency adoption by providing tangible proof that Bitcoin could function as actual money. After Hanyecz’s purchase, businesses gradually began exploring cryptocurrency as a payment option, with early adopters like WordPress and Overstock.com accepting Bitcoin transactions. This initial real-world validation helped push Bitcoin beyond tech circles and into wider public consciousness.

Payment processors like BitPay emerged shortly after, simplifying the integration of cryptocurrency payments for merchants. Today, these early adoption steps have evolved into sophisticated solutions including Bitcoin ATMs and services like Bitcoin Depot, which provide convenient on/off ramps between traditional currency and crypto. The infrastructure that allows you to access physical bitcoin or convert cash to cryptocurrency at thousands of locations worldwide stems directly from the precedent set by the pizza transaction.

Lessons for Today’s Crypto Investors

The bitcoin pizza story offers several critical lessons for modern crypto investors. First, it demonstrates cryptocurrency’s extreme volatility and potential for exponential growth—what cost 10,000 BTC in 2010 could be purchased for a fraction of a Bitcoin today.

Second, it highlights the importance of understanding technological adoption curves. Early-stage technologies often appear impractical until infrastructure develops around them. Many who dismissed Bitcoin during the “pizza era” missed unprecedented investment opportunities.

Third, the transaction serves as a reminder to remain vigilant against bitcoin scams. As the market has matured, sophisticated schemes targeting crypto investors have proliferated. While Hanyecz’s transaction was legitimate, today’s environment requires additional caution as scammers often use stories of early Bitcoin wealth to lure unsuspecting investors.

Finally, the pizza purchase exemplifies blockchain’s immutability—once recorded, transactions cannot be reversed. This permanent aspect of the technology means that decision-making in the crypto space requires careful consideration, as Hanyecz’s transaction will forever remain on the blockchain as both a historic milestone and a multi-million dollar pizza order.

What Happened to Laszlo Hanyecz After the Pizza Purchase?

After his famous bitcoin pizza transaction in 2010, Laszlo Hanyecz maintained a relatively low profile in the cryptocurrency community. Despite spending what would become worth hundreds of millions of dollars on two pizzas, Hanyecz didn’t disappear completely from the Bitcoin scene.

Hanyecz continued contributing to Bitcoin’s development for some time after his historic purchase. He remained active on the Bitcointalk forum where he had originally posted his pizza offer, sharing technical insights and participating in discussions about Bitcoin’s future. His expertise as a programmer allowed him to provide valuable input during Bitcoin’s formative years.

In interviews years later, Hanyecz revealed he had conducted numerous other Bitcoin transactions after the pizza purchase, spending approximately 100,000 BTC on various items when the cryptocurrency had minimal value. Unlike today’s ecosystem with services like Cash2Bitcoin ATMs and Bitcoin Depot locations that make exchanging crypto for cash straightforward, Hanyecz was pioneering entirely new territory.

Hanyecz has made occasional appearances at cryptocurrency conferences, where he’s often asked about the bitcoin pizza transaction. Rather than expressing regret about spending Bitcoin that would later skyrocket in value, he’s consistently maintained a positive outlook. In a 2018 interview with CoinTelegraph, he stated: “I don’t regret it. I think that it’s great that I got to be part of the early history of Bitcoin.”

In 2018, Hanyecz recreated his famous purchase through the Lightning Network—Bitcoin’s second-layer scaling solution—buying two pizzas again, but this time for a considerably smaller 0.00649 BTC. This symbolic transaction demonstrated both his continued interest in Bitcoin’s technological evolution and his good-natured acceptance of his place in cryptocurrency history.

Today, Hanyecz works as a software developer, maintaining a distance from the cryptocurrency limelight. Unlike many early Bitcoin adopters who leveraged their involvement into careers as crypto influencers or entrepreneurs, he chose a quieter path. When asked about his feelings regarding the current value of those 10,000 BTC, he typically responds with remarkable equanimity, focusing instead on his contribution to legitimizing Bitcoin as a medium of exchange.

His story serves as both inspiration and caution in the cryptocurrency world—highlighting Bitcoin’s extraordinary growth while reminding investors about the unpredictable nature of emerging technologies.

Modern Bitcoin Pizza Initiatives and Tributes

Annual Celebrations and Events

Bitcoin Pizza Day (May 22nd) has evolved into a global celebration with numerous events and initiatives. Cryptocurrency exchanges like Binance and Coinbase run special promotions, offering discounted trading fees or Bitcoin-themed contests. Pizza chains including Papa John’s—the original pizza provider in Hanyecz’s transaction—create Bitcoin-themed marketing campaigns, with some locations accepting cryptocurrency payments specifically for this occasion. Local Bitcoin meetups organize pizza parties where attendees can purchase pizza with Bitcoin, recreating the historic transaction in a modern context.

Corporate Commemorations

Major companies in the cryptocurrency space pay tribute to the Bitcoin pizza story through creative marketing campaigns. Bitcoin ATM providers like Bitcoin Depot and Cash2Bitcoin often decorate their machines with pizza-themed wraps during May. Cryptocurrency payment processors create limited-time promotions encouraging merchants to accept Bitcoin for pizza purchases. Some merchants offer special “Bitcoin Pizza Day” discounts for customers paying with cryptocurrency, strengthening the connection between Bitcoin and everyday commerce.

Digital Collectibles and NFTs

The Bitcoin pizza story has inspired numerous digital collectibles in recent years. Artists have created limited edition Bitcoin pizza-themed non-fungible tokens (NFTs), with some selling for substantial amounts. These digital assets typically feature artistic representations of the original pizzas or Laszlo Hanyecz’s forum post. Collectors value these NFTs for their historical significance within cryptocurrency culture, preserving the legacy of the transaction in a format native to blockchain technology.

Educational Initiatives

The Bitcoin pizza story serves as an entry point for cryptocurrency education. Universities and coding schools reference the pizza transaction in blockchain courses to illustrate Bitcoin’s evolution as a medium of exchange. Financial literacy programs use the dramatic value increase of Hanyecz’s 10,000 BTC to demonstrate cryptocurrency’s volatility and potential. Anti-scam organizations leverage the story to contrast legitimate Bitcoin use with cryptocurrency scams, teaching newcomers how to identify fraudulent schemes that might emerge through 2025 and beyond.

Physical Commemorative Items

Cryptocurrency enthusiasts have created tangible tributes to the Bitcoin pizza transaction. Companies produce physical Bitcoins with pizza designs, functioning as collector’s items rather than actual cryptocurrency. Clothing brands sell t-shirts and hoodies featuring the famous “10,000 BTC for Pizza” quote or images of the original forum post. These items help cryptocurrency enthusiasts display their connection to Bitcoin’s history while sparking conversations about cryptocurrency with those unfamiliar with the story.

Lightning Network Recreations

Following Hanyecz’s 2018 Lightning Network pizza purchase, developers have created applications specifically for buying pizza with Bitcoin. These apps utilize Bitcoin’s second-layer Lightning Network, enabling near-instant, low-fee pizza purchases—a stark contrast to the original transaction’s 10,000 BTC cost. Community-driven initiatives organize annual “Lightning Pizza” events where participants can order pizzas using these specialized applications, demonstrating how far Bitcoin transaction technology has evolved since 2010.

Conclusion

Bitcoin Pizza Day stands as a pivotal moment in cryptocurrency history. What began as a simple transaction of 10,000 BTC for two pizzas has evolved into a cultural phenomenon that captures both the remarkable potential and unpredictable nature of digital currencies.

As you navigate the crypto landscape today you can appreciate how far we’ve come from those early days. Hanyecz’s purchase wasn’t just about pizza—it was the spark that helped transform Bitcoin from code into currency.

The next time you enjoy a slice remember that behind every technological revolution are pioneers willing to take chances. Whether you’re a seasoned investor or crypto curious this story reminds us that innovation often begins with seemingly ordinary actions that can ultimately change the world.

Frequently Asked Questions

What is Bitcoin Pizza Day?

Bitcoin Pizza Day commemorates May 22, 2010, when programmer Laszlo Hanyecz made the first real-world Bitcoin transaction by purchasing two pizzas for 10,000 BTC. This historic event transformed Bitcoin from a theoretical concept into a practical medium of exchange and is celebrated annually by crypto enthusiasts worldwide with pizza parties, educational talks, and online campaigns.

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

Those 10,000 Bitcoin would be worth approximately $600 million today. The pizzas, which cost around $41 in 2010, are now considered possibly the most expensive pizzas ever purchased. This dramatic value increase illustrates the unpredictable nature of cryptocurrency investments and Bitcoin’s remarkable growth since its early days.

Who was Laszlo Hanyecz?

Laszlo Hanyecz was a programmer and early Bitcoin adopter who made the first real-world Bitcoin transaction. Beyond the famous pizza purchase, he made significant contributions to Bitcoin’s development, including pioneering the use of graphics processing units (GPUs) for mining, which greatly improved mining efficiency. He continues to work as a software developer today.

How did the pizza transaction happen?

Hanyecz posted on the Bitcointalk forum offering 10,000 BTC to anyone who would order and deliver pizza to him. A British man named Jeremy Sturdivant accepted the offer and placed a Papa John’s order for Hanyecz. At the time, Bitcoin had almost no monetary value, making this exchange seem reasonable to both parties.

Did Laszlo Hanyecz regret his purchase?

Surprisingly, Hanyecz has expressed no regrets about the purchase. He views it as a crucial step in Bitcoin’s evolution into a global financial asset. Rather than focusing on what those Bitcoin would be worth today, he takes pride in his role in legitimizing cryptocurrency as a practical medium of exchange.

What impact did the pizza purchase have on Bitcoin?

The transaction legitimized Bitcoin as a practical currency rather than just a theoretical concept. It shifted perceptions about Bitcoin’s utility and prompted businesses to recognize cryptocurrency as a legitimate payment method. This purchase is widely credited with helping launch Bitcoin’s journey toward mainstream adoption.

What happened to Laszlo Hanyecz after the pizza purchase?

After his famous transaction, Hanyecz maintained a relatively low profile while continuing to contribute to Bitcoin’s development. He remained active on the Bitcointalk forum and conducted numerous other Bitcoin transactions. In 2018, he recreated his famous purchase using the Lightning Network, demonstrating his continued interest in Bitcoin’s technological evolution.

How is Bitcoin Pizza Day celebrated today?

Bitcoin Pizza Day has evolved into a global celebration with various activities including pizza parties, educational workshops, and online campaigns featuring pizza-themed memes. Many cryptocurrency exchanges create special promotions, and some pizza chains accept Bitcoin payments with special offerings for the day. Digital collectibles and themed merchandise have also emerged.

What lessons can crypto investors learn from the pizza transaction?

The transaction teaches several crucial lessons: cryptocurrency markets are extremely volatile; understanding technological adoption curves is important; investors should remain vigilant against scams; and blockchain transactions are immutable. Hanyecz’s story serves as both inspiration and caution, highlighting Bitcoin’s growth while reminding investors about the unpredictable nature of emerging technologies.

Did Hanyecz make other Bitcoin transactions?

Yes, following the pizza purchase, Hanyecz spent approximately 100,000 BTC on various items when the cryptocurrency had minimal value. In 2018, he recreated his famous purchase through the Lightning Network, buying two pizzas again for a much smaller 0.00649 BTC, demonstrating Bitcoin’s technological evolution since his original transaction.