2024-11-24
The infamous story of the two Papa
John's pizzas ordered by programmer Laszlo Hanyecz in 2010 for 10,000 Bitcoin
(BTC) has become a legendary tale in the crypto world.
Fast forward to November 2024,
Bitcoin's value has surged dramatically. As of November 24, 2024, Bitcoin is
trading at approximately $ $97,595 per BTC.
At current market prices, those two
pizzas cost Laszlo more than $975.95 million as of November 24, 2024.
This transaction is widely regarded as
the first commercial Bitcoin transaction in history and is celebrated annually
as Bitcoin Pizza Day on May 22.
The story of Laszlo Hanyecz’s legendary
purchase of two Papa John's pizzas for 10,000 Bitcoin (BTC) in May 2010 is a
watershed moment in cryptocurrency history, marking the first documented
real-world transaction using Bitcoin. Here's how it unfolded:
Bitcoin was created in 2009 by an
anonymous individual or group using the pseudonym Satoshi Nakamoto.
At the time, Bitcoin was a niche
experiment with no established value in the traditional financial system.
Laszlo Hanyecz, a programmer and early Bitcoin enthusiast, wanted to
demonstrate Bitcoin's potential as a medium of exchange for goods and services.
On May 18, 2010, Hanyecz made a post on
the Bitcoin Talk forum with the following offer:
"I'll pay 10,000 Bitcoins for a
couple of pizzas... like maybe 2 large ones so I have some leftover for the
next day."
He specified that the pizzas should be
delivered to his home in Florida and mentioned his preference for toppings like
onions, peppers, sausage, and mushrooms.
Hanyecz wasn't looking to get free
food; he genuinely wanted to prove that Bitcoin could be used in everyday
transactions.
After a few days of discussions,
another Bitcoin enthusiast, Jeremy Sturdivant (username "jercos"),
accepted the offer.
Sturdivant ordered two pizzas from Papa
John’s and had them delivered to Hanyecz's home. In exchange, Hanyecz sent
10,000 BTC to Sturdivant’s Bitcoin wallet.
The pizzas were delivered on May 22,
2010, a date now celebrated annually as Bitcoin Pizza Day.
The Value of 10,000 BTC
At the time, Bitcoin was worth less
than $0.01 per coin, making 10,000 BTC worth around $41—roughly the cost of the
pizzas. However, as Bitcoin gained value over the years, this seemingly trivial
transaction turned into one of the most famous examples of Bitcoin's potential
for growth.
•
By 2011, Bitcoin's value rose to $1 per coin, making the 10,000 BTC
worth $10,000.
•
By 2017, during Bitcoin's historic bull run, the value of the 10,000 BTC
hit $200 million.
•
As of November 24, 2024, the value of 10,000 BTC is estimated to be $975
million.
Laszlo Hanyecz's purchase is now a
legendary anecdote in the cryptocurrency community, symbolizing both the humble
beginnings of Bitcoin and the exponential growth in its value and adoption.
While Hanyecz has expressed no regret
about the transaction, he has said it’s surreal to see how much Bitcoin's value
has risen since that fateful day.
The story also highlights the
importance of adoption in the early days of Bitcoin and serves as a reminder of
how technology can evolve to transform economies and societies.
Every May 22, cryptocurrency
enthusiasts around the world celebrate Bitcoin Pizza Day by sharing pizza and
reflecting on how far Bitcoin has come.
