Bitcoin Pizza Day commemorates an extraordinary event in the early days of Bitcoin when cryptocurrencies were just gaining traction as a form of payment. On May 22, 2010, Laszlo Hanyecz, a Florida resident, made history by exchanging 10,000 BTC for the delivery of two large pizzas, marking the first-ever Bitcoin transaction for physical goods.
The Genesis of the Story
In a Bitcoin forum post on May 18, 2010, Laszlo, also known as "Laszlo," offered an intriguing proposition: he would trade 10,000 Bitcoins (worth around $41 at the time) for two pizzas, which typically cost $25-30. While the concept did not generate significant enthusiasm among forum members, Laszlo was determined to make a statement by paying for a pizza with Bitcoin. The original thread from the Bitcointalk forum still exists, along with the transaction details.
Four days later, Laszlo's wish came true when a fellow Bitcoin enthusiast named Jercos from Great Britain agreed to have two Papa John's pizzas delivered to Laszlo. However, the true significance of this event unfolded as the value of Bitcoin soared over time.
Rising Value, Million-Dollar Pizzas
As Bitcoin's value skyrocketed, Laszlo's pizza purchase became increasingly extravagant. By the end of that year, the value of one Bitcoin had reached parity with the US dollar. Laszlo eventually sold his remaining Bitcoins for $4,000, investing the proceeds in new computer equipment. By 2015, the value of those two pizzas had surpassed a staggering $2.4 million.
Celebrating Bitcoin Pizza Day
Today, the acceptance of Bitcoin as a payment method is on the rise, with businesses both small and large embracing this new financial frontier. Some companies even offer special discounts to commemorate Bitcoin Pizza Day. In May 2019, for example, Huobi Global provided a 50% discount on pizzas purchased through their platform, aptly named Huobi Prime. Initially seen as a joke, this marketing tactic proved successful, according to Huobi Global CEO Livio Weng.
Enthusiasts continue to celebrate the occasion by comparing the value of those pizzas in Bitcoin to their current equivalent in US dollars, often sharing these calculations on Twitter. As of now, the cost of those pizzas stands at a jaw-dropping $96,667,750, captivating approximately 7,800 followers.
Life after Pizza: Laszlo and Jercos
Eight years after their groundbreaking transaction, Laszlo Hanyecz and Jeremy, or Jercos, shared their perspectives on their lives, any regrets they may have, and the role of cryptocurrency in their daily routines during an interview with Cointelegraph.
Laszlo considers cryptocurrency as a "side project" while still working as a software programmer. He has also played a part in popularizing Bitcoin in his workplace, where his company now accepts it as a payment option. Additionally, Laszlo teaches his young children the fundamentals of cryptocurrency, believing that this knowledge will benefit them in the future.
Jeremy, known as Jercos, used the Bitcoins he received from Laszlo to embark on various travel adventures, ultimately earning $200. Today, cryptocurrency continues to play a role in Jeremy's life, having amassed approximately 40,000 BTC. He also utilizes Litecoin and Dogecoin.
Both Laszlo and Jercos express no regrets about spending their Bitcoins before their unprecedented surge in value. They explain that they had no interest in transitioning to full-time mining or trading.
Life is full of what-ifs. What would have happened if Laszlo had delayed his Bitcoin experiment? Would he have become more involved in cryptocurrency activities? Unfortunately, we will never know the answers to these questions. Nevertheless, the Bitcoin pizza story remains captivating and stands as a significant milestone in the memory of Bitcoin users and enthusiasts alike.
