Bitcoin Pizza Day, celebrated this Wednesday, May 22, holds a special
place in the world of cryptocurrency. It marks the first time Bitcoin was used
to purchase real-world goods. And what was the first item ever bought with
Bitcoin? Pizza, of course.
On May 22, 2010, a programmer named Laszlo Hanyecz made history by
spending 10,000 Bitcoins to have two (large) Papa John’s pizzas delivered to
his door. This momentous transaction has since become a legendary tale in the
crypto community, commemorated annually as Bitcoin Pizza Day.
The Million-Dollar Pizzas
To understand the significance of Bitcoin Pizza Day, we need to take a
journey back to 2010. At that time, Bitcoin was a relatively obscure digital
currency, primarily used by tech enthusiasts and early adopters. Laszlo
Hanyecz, one of these enthusiasts, decided to demonstrate Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term’s potential
by using it to buy something tangible. He posted an offer on the
Bitcointalk.org forum, proposing to pay 10,000 Bitcoins for two large pizzas.
After a few days, on May 22, 2010, 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, making the cost of the pizzas quite reasonable. However, Bitcoin’s
value soon began to rise exponentially.
The Soaring Value of Bitcoin
Nine months after the famous pizza purchase, the value of those 10,000
Bitcoins had already risen to $10,000. Fast forward to 2015, and the two pizzas
would have cost him an astonishing $2.4 million. By 2021, when Bitcoin reached
an all-time high of $63,000 per Bitcoin, the value of the pizzas would have
been a jaw-dropping $630 million. It’s no wonder that Hanyecz’s purchase is
often referred to as the most expensive pizza order in history.
Who wants to celebrate Bitcoin Pizza Day at the largest global pizza party EVER, this WEDnesday, May 22?
RSVP below to attend the one in Miami 🍕🎉 🏝️ pic.twitter.com/9dpQCF2ljM
— Liz Mejia 🦥 | BIP-420 (@Lizmej12) May 17, 2024
What Could Hanyecz Have Bought Today?
Let’s play a little game of “what if.” What if Laszlo Hanyecz had
decided to hold onto his 10,000 Bitcoins instead of spending them on pizza? As
of Bitcoin’s peak value of $68,990 in late 2021, Hanyecz’s 10,000 Bitcoins
would have been worth nearly $690 million. To put that in perspective, here’s a
list of things Hanyecz could have bought with that kind of money:
Pizzas
At an average price of $15 each (in the
US), Hanyecz could have indulged in 46 million Papa John's pizzas. That’s enough to feed a
small country!
Luxury Homes
Beverly Hills Mansion: A sprawling estate with 20,000 sq ft of living
space, 10 bedrooms, 15 bathrooms, a pool, and a private cinema for $100
million. He could buy 6.9 of these mansions.
Penthouse in New York City: A 10,000 sq ft penthouse with stunning city
views, 6 bedrooms, and 8 bathrooms for $80 million. He could purchase 8.6.
Villa in the French Riviera: A luxurious 12,000 sq ft villa with 8
bedrooms, a private beach, and a large infinity pool for $70 million. He'd own 9.9 villas.
Private Islands
Musha Cay in the Bahamas: A 150-acre private island with multiple guest
villas, a private airstrip, and a full staff for $50 million. That's 13.8 islands.
Cars
Bugatti Chiron: One of the most expensive and luxurious cars in the
world, costing $3 million each. He could buy 230.
Rolls-Royce Phantom: The epitome of luxury, priced at $500,000 each.
He'd own 1,380.
1962 Ferrari 250 GTO: A highly sought-after collector’s car, sold for
$48.4 million. He could buy 14.3.
Private Jets
Gulfstream G650: A state-of-the-art private jet with a price tag of $65
million. That'd be 10.6 planes.
Yachts
Superyacht: A 200-foot luxury yacht with a helipad, multiple decks, and
lavish interiors for $150 million. Fancy 4.6 superyachts?
Fine Art
Leonardo da Vinci's Salvator Mundi: The most expensive painting ever
sold at auction for $450 million. You'd end up with 1.5 of these masterpieces.
Van Gogh's Sunflowers: Valued at approximately $80 million. 8.6 copies, anyone? Though we'd suggest a refund on 7.6 of them.
Entertainment
Six Flags Amusement Park: Building a new theme park costs around $300
million. But then who needs more than one?
Luxury World Cruise: A 4-month ultra-luxury world cruise on a private
yacht can cost up to $250,000 per person. He could fund a trip for 2,760
people.
Space Tourism: A ticket to space with SpaceX or Blue Origin costs
around $55 million. 12.5 people to space, please.
Charity
Endow a Scholarship Fund: He could set up a $690 million endowment
fund.
I hope everyone had a great #Bitcoin Pizza Day. pic.twitter.com/e0WYoNNLhG
— Michael Saylor⚡️ (@saylor) May 23, 2023
A Lesson in Hindsight
While Laszlo Hanyecz’s story might be amusing and even a little painful
to think about, it offers a valuable lesson in hindsight and the unpredictable
nature of investments. At the time of his purchase, Bitcoin was a novelty, and
its future was uncertain. Hanyecz’s transaction helped to demonstrate the
practical use of Bitcoin and contributed to its growing legitimacy as a form of
currency.
Hanyecz himself has taken the story in stride, maintaining a sense of
humor about the whole situation. In a 2019 interview with CBS, he told Anderson
Cooper that the transaction “made [Bitcoin] real for some people. It certainly
did for me.” Despite the missed financial windfall, Hanyecz’s contribution to
Bitcoin’s history is undeniable, and his story continues to inspire and
entertain the crypto community.
For more stories on the edge of the markets, visit our Trending section.
Bitcoin Pizza Day, celebrated this Wednesday, May 22, holds a special
place in the world of cryptocurrency. It marks the first time Bitcoin was used
to purchase real-world goods. And what was the first item ever bought with
Bitcoin? Pizza, of course.
On May 22, 2010, a programmer named Laszlo Hanyecz made history by
spending 10,000 Bitcoins to have two (large) Papa John’s pizzas delivered to
his door. This momentous transaction has since become a legendary tale in the
crypto community, commemorated annually as Bitcoin Pizza Day.
The Million-Dollar Pizzas
To understand the significance of Bitcoin Pizza Day, we need to take a
journey back to 2010. At that time, Bitcoin was a relatively obscure digital
currency, primarily used by tech enthusiasts and early adopters. Laszlo
Hanyecz, one of these enthusiasts, decided to demonstrate Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term’s potential
by using it to buy something tangible. He posted an offer on the
Bitcointalk.org forum, proposing to pay 10,000 Bitcoins for two large pizzas.
After a few days, on May 22, 2010, 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, making the cost of the pizzas quite reasonable. However, Bitcoin’s
value soon began to rise exponentially.
The Soaring Value of Bitcoin
Nine months after the famous pizza purchase, the value of those 10,000
Bitcoins had already risen to $10,000. Fast forward to 2015, and the two pizzas
would have cost him an astonishing $2.4 million. By 2021, when Bitcoin reached
an all-time high of $63,000 per Bitcoin, the value of the pizzas would have
been a jaw-dropping $630 million. It’s no wonder that Hanyecz’s purchase is
often referred to as the most expensive pizza order in history.
Who wants to celebrate Bitcoin Pizza Day at the largest global pizza party EVER, this WEDnesday, May 22?
RSVP below to attend the one in Miami 🍕🎉 🏝️ pic.twitter.com/9dpQCF2ljM
— Liz Mejia 🦥 | BIP-420 (@Lizmej12) May 17, 2024
What Could Hanyecz Have Bought Today?
Let’s play a little game of “what if.” What if Laszlo Hanyecz had
decided to hold onto his 10,000 Bitcoins instead of spending them on pizza? As
of Bitcoin’s peak value of $68,990 in late 2021, Hanyecz’s 10,000 Bitcoins
would have been worth nearly $690 million. To put that in perspective, here’s a
list of things Hanyecz could have bought with that kind of money:
Pizzas
At an average price of $15 each (in the
US), Hanyecz could have indulged in 46 million Papa John's pizzas. That’s enough to feed a
small country!
Luxury Homes
Beverly Hills Mansion: A sprawling estate with 20,000 sq ft of living
space, 10 bedrooms, 15 bathrooms, a pool, and a private cinema for $100
million. He could buy 6.9 of these mansions.
Penthouse in New York City: A 10,000 sq ft penthouse with stunning city
views, 6 bedrooms, and 8 bathrooms for $80 million. He could purchase 8.6.
Villa in the French Riviera: A luxurious 12,000 sq ft villa with 8
bedrooms, a private beach, and a large infinity pool for $70 million. He'd own 9.9 villas.
Private Islands
Musha Cay in the Bahamas: A 150-acre private island with multiple guest
villas, a private airstrip, and a full staff for $50 million. That's 13.8 islands.
Cars
Bugatti Chiron: One of the most expensive and luxurious cars in the
world, costing $3 million each. He could buy 230.
Rolls-Royce Phantom: The epitome of luxury, priced at $500,000 each.
He'd own 1,380.
1962 Ferrari 250 GTO: A highly sought-after collector’s car, sold for
$48.4 million. He could buy 14.3.
Private Jets
Gulfstream G650: A state-of-the-art private jet with a price tag of $65
million. That'd be 10.6 planes.
Yachts
Superyacht: A 200-foot luxury yacht with a helipad, multiple decks, and
lavish interiors for $150 million. Fancy 4.6 superyachts?
Fine Art
Leonardo da Vinci's Salvator Mundi: The most expensive painting ever
sold at auction for $450 million. You'd end up with 1.5 of these masterpieces.
Van Gogh's Sunflowers: Valued at approximately $80 million. 8.6 copies, anyone? Though we'd suggest a refund on 7.6 of them.
Entertainment
Six Flags Amusement Park: Building a new theme park costs around $300
million. But then who needs more than one?
Luxury World Cruise: A 4-month ultra-luxury world cruise on a private
yacht can cost up to $250,000 per person. He could fund a trip for 2,760
people.
Space Tourism: A ticket to space with SpaceX or Blue Origin costs
around $55 million. 12.5 people to space, please.
Charity
Endow a Scholarship Fund: He could set up a $690 million endowment
fund.
I hope everyone had a great #Bitcoin Pizza Day. pic.twitter.com/e0WYoNNLhG
— Michael Saylor⚡️ (@saylor) May 23, 2023
A Lesson in Hindsight
While Laszlo Hanyecz’s story might be amusing and even a little painful
to think about, it offers a valuable lesson in hindsight and the unpredictable
nature of investments. At the time of his purchase, Bitcoin was a novelty, and
its future was uncertain. Hanyecz’s transaction helped to demonstrate the
practical use of Bitcoin and contributed to its growing legitimacy as a form of
currency.
Hanyecz himself has taken the story in stride, maintaining a sense of
humor about the whole situation. In a 2019 interview with CBS, he told Anderson
Cooper that the transaction “made [Bitcoin] real for some people. It certainly
did for me.” Despite the missed financial windfall, Hanyecz’s contribution to
Bitcoin’s history is undeniable, and his story continues to inspire and
entertain the crypto community.
For more stories on the edge of the markets, visit our Trending section.
