In 2010, a seemingly ordinary transaction took place that would later become legendary in the world of digital finance. Laszlo Hanyecz, a software developer and early Bitcoin enthusiast, made history by purchasing two Papa John’s pizzas for 10,000 bitcoins. At the time, the transaction felt like a fun experiment — a way to test whether a decentralized digital currency could be used for real-world purchases. Fast forward to today, and those same 10,000 bitcoins are worth over $20 million, making it one of the most famous — and arguably most expensive — meals in history.
This event, which occurred on May 22, 2010, is now commemorated annually as Bitcoin Pizza Day, a lighthearted yet profound reminder of how far cryptocurrency has come.
The First Real-World Bitcoin Transaction
Before Laszlo’s pizza purchase, Bitcoin existed mostly in theory and code. While people had traded coins online, no one had yet used them to buy physical goods. That changed when Hanyecz posted on the Bitcoin Talk forum:
"I'll pay 10,000 bitcoins for a couple of pizzas… like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later."
He outlined his pizza preferences — standard toppings like pepperoni, sausage, and mushrooms — and offered to pay in Bitcoin for someone to order delivery on his behalf. A British user named Jeremy Sturdivant (known online as "jercos") accepted the offer, spent about $25 on the pizzas, and completed what is widely recognized as the first real-world Bitcoin transaction.
At the time, 10,000 BTC was worth roughly $40**, based on an informal exchange rate of **$0.004 per bitcoin. It was less about profit and more about proving a point: Bitcoin could be used as money.
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From Pizzas to Price Surges: The Rise of Bitcoin
Fast forward over a decade, and Bitcoin has transformed from an obscure internet experiment into a global financial phenomenon. As of 2025, the price of a single bitcoin regularly trades above $2,100**, with market highs pushing even higher. That means Hanyecz’s 10,000 BTC would now be valued at more than **$20.5 million.
This staggering growth reflects broader adoption, increased institutional interest, and growing recognition of Bitcoin as both a store of value and a hedge against inflation. What began as a niche project discussed in online forums is now traded on major exchanges, accepted by large corporations, and held in investment portfolios worldwide.
Key Factors Behind Bitcoin’s Growth
- Limited Supply: Only 21 million bitcoins will ever exist, creating scarcity.
- Global Adoption: Countries like Japan, Germany, and El Salvador have embraced crypto-friendly policies.
- Institutional Investment: Companies such as Tesla and MicroStrategy have added Bitcoin to their balance sheets.
- Market Sentiment: Events like halvings and regulatory clarity influence investor behavior.
Charles Hayter, founder of CryptoCompare, once noted:
"The Japanese have caught the Bitcoin bug and inefficiencies across markets are being exposed. Irrational exuberance is taking hold as the Japanese stumble over each other to enter the Bitcoin market and drag up international prices."
While sentiment can shift, the underlying momentum behind Bitcoin continues to build.
Why Bitcoin Pizza Day Still Matters
Bitcoin Pizza Day isn’t just a quirky internet meme — it symbolizes a pivotal moment in financial history. It marks the transition of Bitcoin from abstract concept to tangible utility. Before this transaction, Bitcoin had no real-world value. Afterward, it gained practical meaning.
Today, developers, investors, and crypto communities celebrate May 22nd not just with pizza giveaways, but with reflections on innovation, risk-taking, and the unpredictable nature of technological disruption.
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Lessons from the $20 Million Pizza
While some joke that Hanyecz “spent millions on dinner,” he remains philosophical about the trade:
"It wasn't like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool. No one knew it was going to get so big."
His words highlight a crucial truth: innovation often begins without clear foresight. Early adopters take risks not for immediate gain, but because they believe in the potential of new ideas.
What Can We Learn?
- Timing is everything: Value perception changes over time.
- Adoption drives value: Real-world use cases increase credibility.
- Small actions can have massive ripple effects: One pizza order helped launch a financial revolution.
Frequently Asked Questions (FAQ)
Why did someone pay 10,000 bitcoins for two pizzas?
In 2010, Bitcoin had no established market value. Laszlo Hanyecz wanted to test whether people would accept Bitcoin for real goods. He offered 10,000 BTC as an incentive, not realizing how valuable they would become.
Is the pizza buyer considered rich now?
No — the person who bought the pizzas (Jeremy Sturdivant) spent only $25 and received no long-term benefit from the transaction. He completed the favor for fiat money, not Bitcoin.
Could something like this happen again?
Unlikely at this scale. Today’s crypto markets are highly liquid and transparent. Large transactions are closely monitored, and prices are more stable. However, early adoption of emerging cryptocurrencies could still lead to significant future gains.
Does Laszlo Hanyecz regret the purchase?
He has stated publicly that he doesn’t regret it. To him, it was an exciting experiment that helped prove Bitcoin’s usability.
How is Bitcoin Pizza Day celebrated?
Crypto enthusiasts mark the day by sharing pizza-themed memes, hosting giveaways using Bitcoin or other cryptos, and reflecting on the evolution of digital currencies.
What is the current value of 10,000 bitcoins?
As of 2025, 10,000 bitcoins are worth approximately $20.5 million, depending on market fluctuations.
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The Legacy of a Simple Transaction
Laszlo Hanyecz’s pizza purchase may seem trivial in hindsight, but it laid the foundation for what Bitcoin represents today: a decentralized alternative to traditional financial systems. It showed that digital tokens could have real-world purchasing power — a concept now embraced by millions around the globe.
From buying food to funding startups, from microtransactions to multi-million-dollar investments, Bitcoin has evolved far beyond its humble beginnings.
As we look ahead, the story of the $20 million pizza serves as both inspiration and caution: innovation rewards early believers, but predicting long-term value remains one of the greatest challenges in any emerging market.
Whether you're a seasoned investor or just curious about cryptocurrency, remember — every financial revolution starts with a single step… or in this case, two delicious pizzas.