Programmer Laszlo Hanyecz's purchase of two Papa John's pizzas for 10,000 Bitcoin in 2010 has become legendary in the cryptocurrency world. With the current market price being $95,230 for one Bitcoin, those pizzas are now worth over $952 million, making this transaction a profound reminder of Bitcoin's extraordinary increase in value. Hanyecz's purchase, considered the first commercial Bitcoin transaction, remains a milestone in the history of cryptocurrency.
In a 2019 interview with CBS's 60 Minutes, Hanyecz reflected on the event, saying, "I just posted on the forum. I said, 'You know, if anyone is interested, I will pay 10,000 Bitcoin for a pizza.' Someone there said, 'Hey, I will take that offer,' so I sent him 10,000 Bitcoin. He paid with his credit card, and the pizza showed up at my door."
Although this transaction demonstrated the utility of Bitcoin as a medium of exchange, its historical significance has increased as the value of Bitcoin skyrocketed, turning this purchase into a meme and a major topic of discussion in the cryptocurrency community.
Over the years, the opportunity cost of 10,000 BTC has increased exponentially. By 2016, their value had reached $4.4 million. Two years later, on Pizza Day 2018, their value skyrocketed to $41 million.
In 2020, the price of Bitcoin pushed that number above $80 million, and by Pizza Day 2022, it had risen to over $300 million. Although the bear market in 2023 has seen that number drop to around $268 million, the forecast of Bitcoin reaching $180,000 by 2025 could push the value of 10,000 BTC close to $2 billion.
Bitcoin Pizza Day, celebrated on May 22 each year, symbolizes Bitcoin's journey from an obscure digital currency to a global financial phenomenon. While Hanyecz's transaction may seem like a costly mistake today, it marked an important moment in Bitcoin's history and helped pave the way for its use in the real world.
