Bitcoin Pizza Day, celebrated on May 22, marks a significant event in the world of cryptocurrency: the first real-world transaction using Bitcoin. On this day in 2010, programmer Laszlo Hanyecz made history by spending 10,000 Bitcoins to buy two large pizzas from Papa John’s, an event that has since become legendary in the crypto community.

The First Bitcoin Transaction

On May 22, 2010, Laszlo Hanyecz posted an offer on the Bitcointalk.org forum, proposing to pay 10,000 Bitcoins for two large pizzas. At the time, Bitcoin was a relatively obscure digital currency primarily used by tech enthusiasts and early adopters. Hanyecz’s goal was to demonstrate Bitcoin’s potential by using it to purchase something tangible. His offer read:

“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. I like having leftover pizza to nibble on later.”

A few days later, on May 22, 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.

The Soaring Value of Bitcoin

The value of Bitcoin began to rise exponentially after the pizza purchase:

• Nine months later: The 10,000 Bitcoins were worth $10,000.
• By 2015: The pizzas would have cost $2.4 million.
• By 2021: At Bitcoin’s peak value of $63,000 per Bitcoin, the value of the pizzas would have been $630 million.
• By late 2021: With Bitcoin reaching a high of $68,990, the 10,000 Bitcoins would be worth nearly $690 million.

What Could Hanyecz Have Bought Today?

If Hanyecz had held onto his 10,000 Bitcoins, he could have bought:

• 46 million Papa John’s pizzas at an average price of $15 each.
• 6.9 Beverly Hills mansions priced at $100 million each.
• 8.6 New York City penthouses at $80 million each.
• 9.9 villas in the French Riviera at $70 million each.
• 13.8 private islands like Musha Cay in the Bahamas at $50 million each.
• 230 Bugatti Chirons at $3 million each.
• 1,380 Rolls-Royce Phantoms at $500,000 each.
• 14.3 Ferrari 250 GTOs valued at $48.4 million each.
• 10.6 Gulfstream G650 private jets at $65 million each.
• 4.6 superyachts at $150 million each.
• 1.5 Leonardo da Vinci’s Salvator Mundi paintings at $450 million each.
• 8.6 Van Gogh’s Sunflowers at $80 million each.
• 2,760 luxury world cruises at $250,000 per person.
• 12.5 space tourism tickets with SpaceX or Blue Origin at $55 million each.
• $690 million endowment fund for scholarships.

While the value of the Bitcoins Hanyecz spent on pizza has skyrocketed, his transaction demonstrated the practical use of Bitcoin and helped to legitimize it as a currency. Despite the missed financial windfall, Hanyecz maintains a positive outlook, noting that his transaction helped make Bitcoin real for many people.

Bitcoin Pizza Day serves as a reminder of Bitcoin’s humble beginnings and its extraordinary rise to mainstream acceptance. From being worth $41 to nearly $700 million, Bitcoin’s journey reflects its potential to reshape the financial landscape. As Bitcoin continues to grow in adoption and value, the story of the most expensive pizzas in history continues to inspire and entertain the crypto community.