The Pizza Worth $1.1 Billion: The First Transaction to Purchase Bitcoin Reaches a New High

Fifteen years after Laszlo Hanyecz paid 10,000 bitcoin to buy two Papa John's pizzas worth $41, that transaction is now valued at $1.1 billion as the global cryptocurrency community celebrates Bitcoin Pizza Day on May 22. From $41 to $1.1 billion: Bitcoin Pizza Day marks the 15th anniversary of historic cryptocurrency trading. On May 22, 2010, Florida programmer Laszlo Hanyecz made history by purchasing two large Papa John's pizzas for 10,000 (BTC) bitcoins, marking the first recorded use of this flagship cryptocurrency for physical goods. Today, those pizzas will cost $1.1 billion at the current bitcoin price of $110,663.

Hanyecz, an early bitcoin miner, posted a request on bitcoin forums offering 10,000 BTC for pizza delivery. Jeremy Sturdivant, then 19, accepted the deal, bought pizzas for $25 and sent them to Hanyecz. Reports vary on whether Sturdivant is based in California or the United Kingdom, but the exchange has become legendary as the value of bitcoin has skyrocketed over the years. At that time, bitcoin was trading for less than half a cent, valuing Hanyecz's payment at around $41. By 2011, Bitcoin reached a value equivalent to the US dollar, bringing the price of pizzas to $10,000. This milestone reached $2.4 million in 2015 and peaked again at $690 million during the time bitcoin hit its all-time high of $68,990 in 2021. Hanyecz shared with CBS in 2019 that: "At that time, bitcoin had no value at all, so the idea of exchanging them for a pizza was really interesting. It made bitcoin a reality." Bitcoin Pizza Day, celebrated annually, honors this important moment in cryptocurrency history. Enthusiasts around the world buy pizza with bitcoin. This day highlights the evolution of bitcoin from a niche experiment to a multi-billion dollar asset. This transaction also highlights the risks and rewards of early adoption. If Hanyecz keeps his bitcoins, he can rival the wealth of tech billionaires. Instead, his remaining funds were only enough for one day, while his 10,000 BTC became a cultural norm. On the 15th anniversary of Bitcoin Pizza Day, it remains a mix of celebration and cautionary tale - a reminder of how a 41-dollar pizza order turned into a billion-dollar lesson in innovation and volatility.