The two Papa John's pizzas that programmer Laszlo Hanyecz ordered in 2010 for 10,000 Bitcoin (BTC) have become famous in the cryptocurrency world. At the current market price, those two pizzas have cost Laszlo over 978 million USD.
In a 2019 interview with CBS's 60 Minutes, Hanyecz reminisced about the event considered the first commercial Bitcoin transaction in history.
I just posted on the forum. I said, you know, if anyone is interested, I’m trading 10,000 Bitcoin for some pizzas.' Someone said, 'Hey, I’ll take you up on that,' and I sent him 10,000 Bitcoin. He paid with his credit card, and the pizza was delivered to my door.
Hanyecz's costly mistake has become a recurring humorous phenomenon in the crypto community as the price of Bitcoin continues to rise cyclically—often increasing exponentially each time.
Rising costs of 'Pizza Day'
The famous transaction with Papa John’s, which took place on May 22, 2010, is widely known in the Bitcoin community as 'Pizza Day.'
On May 22, 2016, the 10,000 BTC that Hanyecz spent on pizza, worth only 41 USD in 2010, was valued at approximately 4.4 million USD.
Two years later, on Pizza Day 2018, the total value of 10,000 BTC had risen to about 41 million USD—approximately a 10-fold increase from 2016.
In 2020, the price of Bitcoin reached new heights and 10,000 BTC represented an opportunity cost of over 80 million USD. Pizza Day 2022 showed that opportunity cost rising to over 300 million USD.
The bear market of 2023 marks the first time this trend has reversed, with the total value of 10,000 BTC dropping to around 268 million USD at that time.
Industry operators and analysts are now forecasting a Bitcoin price target of 180,000 USD by 2025, which could bring the opportunity cost of 10,000 BTC to nearly 2 billion USD by Pizza Day 2025.
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