Bitcoin Pizza Day — Pizza for 10,000 BTC!
Bitcoin Pizza Day, which is observed every Wednesday, 22 May, holds a special place in the world of cryptocurrencies. The date marks the first time bitcoin was used to buy real-world goods. And what was the very first item ever bought with bitcoin? Pizza, of course. On 22 May 2010 a programmer named Laszlo Hanyecz went down in history by spending 10 000 bitcoin to have two (large) Papa John’s pizzas delivered to his door. Since then that landmark transaction has grown into a legendary tale in the crypto community, celebrated every year as Bitcoin Pizza Day.
To understand the significance of Bitcoin Pizza Day, we have to go back to 2010. At that time bitcoin was a relatively obscure digital currency, used mainly by tech enthusiasts and early crypto miners. Laszlo Hanyecz, one of those enthusiasts, decided to demonstrate bitcoin’s potential by using it to buy something tangible. He posted an offer on the Bitcointalk.org forum, /at the time the most popular place for Bitcoin news in the World/ offering to pay 10 000 bitcoin for two large pizzas. Hanyecz wrote on the forum: “I’ll pay 10 000 bitcoin for a couple of pizzas... like maybe 2 large ones, so I have some pizza left over for the next day. I like having leftover pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is to get food delivered in exchange for bitcoin, where I don’t have to order it or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something like that, they just bring you something to eat and you’re happy.” He also added which toppings he likes: “I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff, no weird fish topping or anything like that. I also like plain cheese pizzas, which may be cheaper to prepare or otherwise acquire. “If you are interested, please let me know and we can work out a deal.”
A few days later, on 22 May 2010, another member of the Forum accepted the offer and paid for Hanyecz’s pizzas. He, in turn, paid him 10 000 (TEN THOUSAND) Bitcoin for them. This seemingly ordinary transaction turned into a landmark event, because it was the first recorded case of Bitcoin being used to buy a physical item. Back then 10 000 bitcoin were worth about 41 dollars, which made the price of the pizzas quite reasonable.
The value of Bitcoin, however, soon began to grow exponentially. The rising value of Bitcoin, nine months after the famous pizza purchase, reached 10 000$ dollars. If we jump to 2015, the two pizzas would have cost him a staggering 2,4 million dollars. By 2021, when bitcoin reached its all-time high of 63 000 dollars per BTC, the pizzas would have been worth an incredible 630 million dollars. No wonder Hanyecz’s purchase is often called the most expensive pizza order in history.
What could Hanyecz buy today with that Crypto?
Let’s play a little game of “what if”.
What if Laszlo Hanyecz had decided to hold on to his 10 000 bitcoin instead of spending them on pizza? At bitcoin’s peak value of 68 990 dollars in late 2021, Hanyecz’s 10 000 bitcoin would have been worth close to 690 million dollars. To put that in perspective, here is a list of the things Hanyecz could have bought with that kind of money:
- Pizza
At an average price of $15 each (in the US), Hanyecz could have afforded 46 million Papa John's pizzas. Enough to feed a small country!
- Luxury houses
A Beverly Hills estate: a sprawling property with 2000 sq. metres of living space, 10 bedrooms, 15 bathrooms, a pool and a private cinema for 100 million dollars. He could buy 6,9 of those estates.
- A penthouse in New York
A 1000 sq. m. penthouse with an incredible view over the city, 6 bedrooms and 8 bathrooms for 80 million dollars. He could buy 8.6 of them.
- A villa on the French Riviera
A luxury villa of 12 00 sq. m. with 8 bedrooms, a private beach and a large infinity pool for 70 million dollars. He could have 9,9 such villas.
- The private islands of Musha Cay in the Bahamas
A 150-acre private island with multiple guest villas, a private airstrip and full staff for 50 million dollars. That comes to 13,8 islands.
- Cars
Bugatti Chiron: one of the most expensive and luxurious cars in the world, costing 3 million dollars each. Hanyecz could buy 230 of them.
Rolls-Royce Phantom: the embodiment of luxury, priced at $500 000 each. He would have 1380 of them.
1962 Ferrari 250 GTO: a highly sought-after collector’s car, sold for 48,4 million dollars. He could buy 14.3.
- Gulfstream G650 private jets
A state-of-the-art private jet priced at 65 million dollars. 10000 BTC would be 10,6 jets.
- A large Superyacht
A 200-foot (60 metre) luxury yacht with a helipad, multiple decks and a lavish interior for 150 million dollars. And he would still have money left for almost everything on the list, to garnish it with.
- Van Gogh’s Sunflowers
Valued at approximately 80 million dollars. That would be 8.6 copies of it.
- A ticket to space
SpaceX or Blue Origin costs around 55 million dollars. Enough for 12,5 people in space!
- Charity
Donations to a scholarship fund: Laszlo Hanyecz could have set up a 690 million dollar endowment.
A lesson in hindsight
Although Laszlo Hanyecz’s story may be amusing and even a little painful to think about, it offers a valuable lesson in hindsight and in the unpredictable nature of investments. At the time of his purchase bitcoin was a novelty and its future was uncertain. Hanyecz’s transaction helped demonstrate the practical use of bitcoin and contributed to its growing legitimacy as a form of currency. Hanyecz himself takes the story calmly, keeping a sense of humour about the whole situation. In a 2019 interview with CBS he told Anderson Cooper that the transaction “made [Bitcoin] real for some people. It definitely did for me.”
Despite the financial gains he missed out on, Hanyecz’s contribution to the history of Bitcoin is undeniable, and his story continues to inspire and entertain the crypto community!
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