On May 22, 2010, a programmer in Florida made what is now considered the first real-world purchase using Bitcoin—two large pizzas. At the time, the transaction seemed trivial. Today, it's legendary. Laszlo Hanyecz offered 10,000 BTC for two Papa John’s pizzas, a deal that would be worth nearly $1 billion at Bitcoin’s peak prices. This moment, now celebrated annually as Bitcoin Pizza Day, marks a pivotal milestone in the evolution of digital currency.
But beyond the meme-worthy price tag lies a deeper story about innovation, belief in emerging technology, and the unpredictable nature of value in the digital age.
The First Real-World Bitcoin Transaction
Laszlo Hanyecz posted on the Bitcointalk forum: he was willing to trade 10,000 Bitcoin for two pizzas—preferably with pepperoni. Many saw the post, but few were interested. Most potential takers weren’t even based in the U.S., making delivery complicated.
Then, on May 22, 19-year-old Jeremy Sturdivant stepped in. From Jacksonville, Florida, he used his credit card to order two large pizzas from Papa John’s and received 10,000 BTC in return. The transaction was completed—a moment now enshrined in crypto history.
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Hanyecz shared photos of his meal online, proudly declaring it the first real purchase made with Bitcoin. At the time, Bitcoin had no established market value. The 10,000 coins were worth roughly $30—about the actual cost of the pizzas. To him, it was a fun experiment, a way to test whether this new digital money could actually buy something tangible.
Little did he know he was making history.
From $30 to $990 Million: The Rise of the Pizza Price
In 2010, Bitcoin was little more than an experiment among cryptographers and tech enthusiasts. There was no infrastructure, no exchanges, and certainly no mainstream adoption. Using it to buy food felt like a novelty—like spending points in a video game.
But as Bitcoin gained traction, its value began to climb.
- By 2013, those same 10,000 BTC were worth over $1 million.
- In 2021, during Bitcoin’s bull run toward $64,000, the “pizza” was valued at approximately **$640 million**.
- By 2024, as Bitcoin approached $100,000 per coin, the value soared past **$990 million**.
Even though the exact figure fluctuates with market conditions, one thing remains constant: what started as a quirky internet story has become a symbol of Bitcoin’s meteoric rise.
Laszlo Hanyecz: No Regrets
Despite handing over what could have been a nine-figure fortune, Laszlo Hanyecz has never expressed regret. In interviews—including a feature on CBS’s 60 Minutes—he explained that mining Bitcoin back then required minimal effort and cost almost nothing in electricity. To him, spending them on pizza was not only fair but exciting.
“It was cool to actually buy something,” he said. “It proved that Bitcoin could work as money.”
Hanyecz continued mining and contributing to Bitcoin’s open-source development. He remains a humble figure in the crypto community—a programmer who helped lay the groundwork for Web3 without seeking fame or fortune.
Jeremy Sturdivant’s Side of the Story
Jeremy Sturdivant, the teenager who delivered the pizzas, also didn’t hold onto his earnings. He quickly converted the 10,000 BTC into about $400—a tenfold return on what he spent on the pizzas. At the time, that was more than enough reward.
Years later, reflecting on his role in crypto history, Jeremy admitted he didn’t foresee Bitcoin’s explosive growth. Still, he cherishes being part of its early days.
“I’m glad I was there,” he said. “It’s crazy to think I touched 10,000 Bitcoin.”
Today, he holds only a small amount of Bitcoin—worth around $119—but remains proud of his place in its origin story.
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Why This Moment Matters
The pizza transaction wasn’t just about food—it was proof of concept. Before that day, Bitcoin had theoretical value. Afterward, it had utility. It could be used to buy goods and services, fulfilling one of the core functions of money.
This event laid the foundation for everything that followed:
- Merchant adoption
- Payment gateways
- Decentralized finance (DeFi)
- Global remittances
It showed that digital scarcity could translate into real-world value—a radical idea at the time.
Bitcoin Pizza Day: A Celebration of Innovation
Every year on May 22, the crypto community celebrates Bitcoin Pizza Day. Exchanges run promotions, developers share stories, and enthusiasts post memes of luxury pizzas priced in BTC.
But beneath the humor is a powerful message: innovation often begins with small, seemingly insignificant acts. That first pizza purchase demonstrated faith in a new system—a leap of trust that helped spark a financial revolution.
Frequently Asked Questions (FAQ)
Q: What was the original value of 10,000 Bitcoin when Laszlo bought the pizzas?
A: In May 2010, 10,000 BTC were worth approximately $30—the cost of two large pizzas.
Q: Who received the 10,000 Bitcoin in exchange for the pizzas?
A: Jeremy Sturdivant, a 19-year-old from Florida, ordered the pizzas using his credit card and received the Bitcoin payment from Laszlo Hanyecz.
Q: Does Laszlo Hanyecz regret the transaction?
A: No. He has stated publicly that he doesn’t regret it because Bitcoin was nearly cost-free to mine at the time and using it felt like an exciting experiment.
Q: How much were the pizzas worth in 2024?
A: When Bitcoin neared $100,000 per coin in 2024, the 10,000 BTC used for the pizzas were worth about $990 million to $1 billion.
Q: Is Bitcoin Pizza Day officially recognized?
A: While not a legal holiday, Bitcoin Pizza Day is widely celebrated across the cryptocurrency community as a cultural milestone marking the first real-world use of Bitcoin.
Q: Could something like this happen again with another cryptocurrency?
A: While unlikely at such a symbolic scale, early adopters of new cryptocurrencies often make small transactions that later gain historical significance as those networks grow.
The Legacy Lives On
Laszlo’s pizza purchase may seem like a cautionary tale about missed opportunities—but it’s really a story of belief and experimentation. He didn’t just spend Bitcoin; he validated it.
Today’s Web3 developers, DeFi traders, and NFT creators all stand on the shoulders of pioneers like Laszlo and Jeremy. Their simple transaction opened the door to a new financial paradigm—one where value isn’t defined solely by governments or banks, but by consensus, code, and community.
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As Bitcoin continues to mature—fueled by institutional adoption, regulatory clarity, and technological advances—the legend of the $990 million pizza serves as both inspiration and reminder: sometimes, the most valuable things aren’t measured in dollars or coins… but in moments that change everything.
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