Bitcoin just hit a new all-time high of $111,000, making this the perfect time to revisit one of cryptocurrency's most legendary stories.
Every May 22nd, the cryptocurrency community celebrates Bitcoin Pizza Day—the anniversary of what might be the most expensive meal in human history. As Bitcoin reaches unprecedented heights, this story becomes even more remarkable, serving as both a fascinating piece of crypto history and a powerful reminder of Bitcoin's incredible journey.
The Birth of a Legend: May 22, 2010
On a seemingly ordinary day in 2010, a Florida-based software developer named Laszlo Hanyecz made history without knowing it. Laszlo posted a request on the Bitcoin Forum: "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."
At the time, this seemed like a novel experiment. Bitcoin had only recently established its first exchange rate in October 2009, at precisely 1 USD for 1,309 BTC. When Laszlo made his pizza request, 10,000 bitcoins were worth around $41—a reasonable price for two large pizzas.
After waiting a few days, a person named Jeremy Sturdivant accepted the offer and bought two Papa John's pizzas for Laszlo in exchange for 10,000 bitcoins. This transaction, simple as it seemed, marked the first commercial use of Bitcoin for a real-world purchase.
The Most Expensive Pizzas Ever
Today, with Bitcoin trading at over $111,000, those same 10,000 bitcoins are worth approximately $1.1 billion. To put this astronomical figure in perspective:
- In 2011, nine months after the purchase, when Bitcoin reached parity with the US dollar, the pizzas were worth $10,000
- In 2015, on the fifth anniversary, they were valued at $2.4 million
- In 2024, they were worth over $690 million
- Today in 2025, they're worth more than a billion dollars
According to the Bitcoin Pizza Index, 10,000 Bitcoins are now worth 325,253 troy ounces of gold—that's about 10,117 kg of pure gold!
Why Bitcoin Pizza Day Matters
Bitcoin Pizza Day represents far more than an expensive meal. It demonstrates that Bitcoin could function as a real currency in addition to being a digital novelty. Laszlo's purchase demonstrated the practical use of cryptocurrencies, paving the way for crypto commerce.
This historic transaction proved several crucial points:
Real-World Utility: Before this purchase, Bitcoin existed only as a theoretical concept and speculative digital asset. The pizza transaction proved that cryptocurrencies could facilitate actual commerce.
Market Confidence: Someone was willing to accept Bitcoin as payment, establishing its legitimacy as a medium of exchange.
Price Discovery: The transaction helped establish Bitcoin's real-world value, contributing to early price discovery mechanisms.
Meet the Pioneer: Laszlo Hanyecz
Laszlo Hanyecz was one of the first thousand miners of the Bitcoin blockchain, as well as an essential programmer and user of the BitcoinTalk forum. Among his merits, Laszlo developed one of the first software to use GPUs to mine Bitcoins (GPU mining) instead of the classic CPUs.
Remarkably, Hanyecz has no regrets about his famous purchase. "I wanted to do the pizza thing because to me it was free pizza," Hanyecz told Bitcoin Magazine. "I mean, I coded this thing and mined bitcoin and I felt like I was winning the internet that day. I got pizza for contributing to an open-source project."
His attitude reflects the experimental spirit of early Bitcoin adopters who were more focused on proving the technology's viability than maximizing profits.
Bitcoin's Incredible Journey
The journey from $0.0041 per Bitcoin in 2010 to over $111,000 today represents one of the most dramatic asset price increases in financial history. Several factors have contributed to this remarkable growth:
Institutional Adoption: The proportion of bitcoins held by governments, companies and exchange-traded funds (ETFs) is now around 14 percent.
Scarcity: Bitcoin's maximum supply is capped at 21 million coins, creating digital scarcity similar to precious metals.
Global Recognition: Many popular companies accept Bitcoin payments for their services, and countries like Switzerland are experimenting with Bitcoin payments for public services and tax purposes.
Store of Value: Bitcoin is increasingly positioning itself as a versatile asset, comparable to a Swiss army knife - suitable for both risk-on and risk-off scenarios.
How Bitcoin Pizza Day is Celebrated Today
Bitcoin Pizza Day celebrates its 15th anniversary with the cryptocurrency community organizing events worldwide. As a yearly celebration of the first moment in history that a purchase was made using Bitcoin it is customary to: eat pizza! This happens on the 22nd of May.
Modern celebrations include:
- Pizza parties paid for with Bitcoin
- Special cryptocurrency exchange promotions
- Educational events about Bitcoin's history
- Social media campaigns celebrating the milestone
Several companies are hosting events and doling out crypto (and pizza) prizes, including BTCC's 52,000 USDT Bitcoin Pizza Day Challenge and various pizza giveaways worldwide.
The Future of Bitcoin
As Bitcoin continues to break new records, reaching $111,000 and showing strong bullish momentum, many analysts remain optimistic about its future. Bitcoin is currently benefiting from falling inflation, growing global liquidity and institutional capital inflows.
The cryptocurrency has evolved from Laszlo's experimental pizza purchase to become:
- A recognized store of value
- An institutional investment asset
- A hedge against inflation
- A catalyst for financial innovation
Ready to Join the Bitcoin Revolution?
Bitcoin Pizza Day reminds us that every financial revolution starts with a single transaction. What began as a simple pizza purchase has evolved into a global financial phenomenon worth over $2 trillion in market capitalization.
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Don't let the next Bitcoin Pizza Day pass you by—start building your crypto portfolio today and become part of this revolutionary financial story.
Bitcoin Pizza Day serves as a powerful reminder that innovation often starts with simple experiments. As Bitcoin continues to reach new heights, we celebrate not just the technology's success, but the pioneering spirit of early adopters who believed in a decentralized financial future.