Bitcoin pizza refers to the first documented Bitcoin transaction on May 22nd, 2010, when a Florida-based programmer and BTC miner named Laszlo Hanyecz successfully traded 10,000 Bitcoin for two Papa John’s pizzas. May 22 is designated as Bitcoin Pizza Day to commemorate the transaction.
Understanding Bitcoin pizza
Over a year into Bitcoin’s launch in 2009, Hanyecz announced on the forum Bitcointalk.org. He posted:
“I’ll pay 10,000 Bitcoins for a couple of pizzas…like maybe 2 large ones so I have some leftover for the next day…”
A few days later, he found Jeremy Sturdivant, a 19-year-old student who facilitated the transaction. 10,000 bitcoins were worth approximately 41 dollars at the time, which was equivalent to 0.0041 USD as the price of Bitcoin then. This would have been equivalent to $690 million at Bitcoin’s all-time high of $69,000 (November 2021).
Bitcoin Pizza Day marks the first time a cryptocurrency was used to buy a physical object. Crypto enthusiasts realized that Bitcoin could be more than just a medium of exchange or a way to make money, giving Bitcoin real-world tangibility.