Can you imagine spending over a billion dollars to buy two pizzas? That sounds absurd. However, this is the reality of a particular individual who made a purchase that would go down in history as one of the most astronomical deals ever made.
On May 22, 2010, a Florida-based programmer and early Bitcoin enthusiast named Laszlo Hanyecz spent a whopping 10,000 BTC to buy something as simple as two pizzas from Papa John’s.
Hanyecz’s pizza purchase ultimately proved to be a staggering loss of potential wealth, considering the monumental surge in Bitcoin’s value over the years. With the current value of BTC hovering above $110,000 per coin, it’s mind-blowing to think that Hanyecz buying two pizzas with 10,000 BTC would be equivalent to rolling out over a billion dollars for a meal.
While the Florida-based programmer continues to count his losses, the experience is a testament to Bitcoin’s unpredictable nature and how its value has grown tremendously through the years.
This is the story of Bitcoin Pizza Day, a bittersweet reminder of the apex coin’s unpredictable nature.
The Beginning of a Billion-Dollar Story
May 22, 2010 will always remain a special day in Bitcoin’s history, the very first day the digital asset was used in a real-world transaction to pay for tangible goods. Earlier that month, Laszlo Hanyecz posted on a Bitcoin forum asking if anyone would be willing to order him a pizza and get paid in Bitcoin.
“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,” Hanyecz mentioned, “If you’re interested, please let me know and we can work out a deal.”
On May 22, a few days after he made the post, another person named Jeremy Sturdivant accepted the offer. Sturdivant accepted the BTC, holding onto them while paying for the pizzas in good old-fashioned dollars.
To celebrate Bitcoin Pizza Day, the crypto community hosts events that range from parties to gatherings to in-depth conferences and social media tributes to discuss the impact of the transaction. Some even recreate Hanyecz’s infamous purchase, buying pizzas to commemorate the occasion.
Bitcoin’s Journey Over the Years
At the time of the transaction between Hanyecz and Sturdivant, it seemed like a sweet deal as 10,000 Bitcoins were worth approximately $41, a mere fraction of their current value. However, BTC’s growth over the year has proven how great the loss is.
Despite facing challenges like regulatory scrutiny and market volatility, the apex coin continues to thrive, especially after the election of pro-Bitcoin Donald Trump as the US President. The asset has seen significant adoption, with institutional investors and corporations adopting it and adding it to their balance sheets.
