On May 22, cryptocurrency enthusiasts around the world celebrate a unique and iconic moment in digital finance history — Bitcoin Pizza Day. This annual observance commemorates the first known real-world transaction using Bitcoin, where 10,000 BTC were exchanged for two simple pizzas. Today, that purchase would be worth nearly $80 million, making it one of the most infamous — and deliciously expensive — meals in history.
But beyond the humor and headlines, this event marks a pivotal milestone in the evolution of Bitcoin as a usable currency. Let’s dive into the story, its significance, and what it teaches us about the early days of crypto adoption.
The Birth of Bitcoin Pizza Day
In May 2010, Bitcoin was still an obscure digital experiment. There were no exchanges, no price trackers, and certainly no mainstream recognition. The network was primarily used by developers and cryptography enthusiasts who believed in its potential.
On May 18, programmer Laszlo Hanyecz posted on the Bitcointalk forum:
“I’ll pay 10,000 BTC for a couple of pizzas… like maybe 2 large ones so I have some left over for the next day.”
He wasn’t joking. Laszlo wanted to test whether Bitcoin could be used to purchase real goods — a crucial step toward proving its utility as money. A few days later, on May 22, a fellow forum member named jercos took him up on the offer. He ordered two Papa John’s pizzas for about $25 and sent them to Laszlo. In return, he received 10,000 bitcoins.
That transaction — simple, almost trivial at the time — became legendary.
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Why May 22 Matters in Crypto History
While Laszlo made his post on the 18th, May 22 is recognized globally as Bitcoin Pizza Day because it marks the actual date of the completed transaction. It symbolizes the first time Bitcoin was used to buy physical goods — a foundational moment for its legitimacy as a medium of exchange.
At the time, Bitcoin had no established market value. The 10,000 BTC Laszlo spent were estimated to be worth around $41**, based on earlier trades. Fast forward to recent years, with Bitcoin trading at over **$79,000 per coin, that same amount would now be valued at approximately $79 million.
To put it in perspective:
- One large pizza cost roughly $4 million in today’s value.
- With that same BTC amount, you could buy over 3.8 million average-priced pizzas today.
While some may laugh at Laszlo’s “waste,” his transaction was a bold experiment — one that helped lay the groundwork for a trillion-dollar industry.
From Obscurity to Global Phenomenon
Bitcoin Pizza Day isn’t just about nostalgia; it reflects how far cryptocurrency has come.
In 2010:
- No major retailers accepted Bitcoin.
- There were no crypto ATMs or wallets with user-friendly interfaces.
- Most people thought Bitcoin was a scam or a geeky curiosity.
Today:
- Companies like Tesla, Microsoft, and Overstock have accepted Bitcoin.
- Millions use crypto for remittances, investments, and decentralized finance (DeFi).
- Entire economies are exploring central bank digital currencies (CBDCs).
Laszlo’s pizza purchase was more than a snack — it was a proof of concept. It showed that digital money could move beyond code and into the real world.
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Frequently Asked Questions About Bitcoin Pizza Day
What is Bitcoin Pizza Day?
Bitcoin Pizza Day is celebrated annually on May 22 to honor the first real-world transaction using Bitcoin — when 10,000 BTC were used to buy two pizzas in 2010.
Who bought the pizzas with Bitcoin?
Programmer Laszlo Hanyecz initiated the transaction by offering 10,000 BTC for pizzas. Another user, jercos, purchased the pizzas and received the Bitcoin in return.
How much were 10,000 Bitcoins worth in 2010?
In May 2010, Bitcoin had no formal market price. Based on limited trades, 10,000 BTC were estimated to be worth around $41.
How much are those pizzas worth today?
Assuming a current Bitcoin price near $79,045**, 10,000 BTC would be worth approximately **$79,045,000 — making it possibly the most expensive meal in history.
Did Laszlo regret the purchase?
In interviews, Laszlo has said he doesn’t regret it. He viewed it as an experiment and a way to promote Bitcoin’s usability. At the time, mining was easy, and many saw Bitcoin as more of a hobby than an investment.
Is Bitcoin Pizza Day officially recognized?
While not a public holiday, it’s widely celebrated in the crypto community through social media posts, special promotions by exchanges, and educational content about Bitcoin’s origins.
Lessons from the World’s Most Expensive Pizzas
The story of Bitcoin Pizza Day offers several key takeaways:
1. Early Adoption Comes with Uncertainty
Back in 2010, nobody could predict Bitcoin’s explosive growth. Early users weren’t thinking about wealth — they were testing ideas, building networks, and believing in decentralization.
2. Utility Precedes Value
Before Bitcoin gained monetary value, it needed to prove it could function as money. Laszlo’s transaction demonstrated real-world utility — a critical step toward broader acceptance.
3. Perspective Shapes Regret
While spending 10,000 BTC on pizza seems insane now, context matters. In 2010, Bitcoin was nearly worthless. Today’s hindsight doesn’t reflect the mindset of early adopters.
4. Cultural Moments Drive Awareness
Bitcoin Pizza Day keeps the community connected to its roots. It reminds us that innovation often starts small — sometimes with something as humble as a slice of pizza.
The Legacy Lives On
Every year on May 22, crypto exchanges, influencers, and everyday users share memes, facts, and reflections about that legendary pizza deal. Some brands even run promotions offering “free pizza for life” paid in Bitcoin — a fun nod to history.
More importantly, the event highlights how fast technology evolves. What started as an experimental transaction is now part of financial folklore — taught in blockchain courses and cited in whitepapers.
As Bitcoin continues to mature — whether as digital gold, a hedge against inflation, or a global payment system — we should remember where it began: not on Wall Street, but with a programmer craving takeout.
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Final Thoughts
So, was that pizza worth $80 million?
In pure financial terms? Absolutely not.
In historical and symbolic value? Priceless.
Bitcoin Pizza Day isn’t just about what was lost — it’s about what was gained: the first real-world validation of a revolutionary idea. That single transaction helped ignite a movement that’s reshaping finance, technology, and trust itself.
And who knows? Maybe someday, someone will look back at your first crypto transaction and say:
“That small trade changed everything.”
Let’s make sure it counts.
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