The story of the man who won 10,000 Bitcoins for two pizzas in 2010 and lost his chance to become a millionaire

Oct 25, 2024

This purchase started the tradition of Pizza Day; Jeremy Sturdivant would today have 3.85 billion reals if he hadn't sold his Bitcoins shortly after.

Exactly 13 years ago, a 19-year-old Californian named Jeremy Sturdivant watched in frustration as a man tried to buy two pizzas with Bitcoins but couldn't find a taker.

On the Bitcointalk forum, Laszlo Hanyecz offered 10,000 BTC to have two large pizzas delivered to his home in Jacksonville, Florida.

The protagonists were unaware, but this moment was about to become historic: the first purchase made with the cryptocurrency created by Satoshi Nakamoto, giving birth to the tradition of Pizza Day, celebrated every May 22.

The request was modest: anyone could make the pizza, of any flavor. Hanyecz had well listed his favorite ingredients (onions, peppers, sausage, mushrooms, tomatoes, pepperoni), but would have been happy even with a simple cheese pizza.

For four days, his request was ignored. Some mentioned the difficulty of ordering a pizza from abroad. At one point, he asked if his offer was too low. At that time, 10,000 bitcoins were worth 41 dollars. Today, they represent approximately 270 million dollars and about 1.3 billion reals.

Ignoring the future value of bitcoin, young Sturdivant, nicknamed "Jercos", decided to act to ensure Hanyecz received his long-desired pizzas this Saturday, May 22, 2010.

From California, Jeremy called a Papa John's restaurant to order two pizzas to be delivered to the other side of the country. He paid with his debit card and, after informing Laszlo that he accepted the offer, received the promised 10,000 BTC in his wallet.

"It seemed fair to both parties and, frankly, who doesn't love pizza?" Jeremy recalled eight years later in an interview with the Telegraph. "Even after fees, I could convert the 10,000 BTC back at the original price, and I didn't see Bitcoin completely collapsing, although I never imagined its future success."

If he had known the extent that Bitcoin would take, Jeremy might have thought twice before immediately selling those 10,000 bitcoins to finance a trip with his girlfriend at the time.

This is how Bitcoin Pizza Day was born. The exchange between Laszlo and Jeremy has become a true celebration for the crypto community. Every May 22, bitcoiners around the world eat a pizza to celebrate the first use of Bitcoin to purchase a real good.

Bitcoin Pizza Day commemorates this crucial moment when it became clear that Bitcoin had tangible value and transcended being just computer code for curious nerds.

Jeremy, who won these 10,000 BTC for two pizzas, admitted years later that he "certainly" regretted selling the cryptocurrencies so quickly, but explained that at the time, he simply thought he was helping a fellow bitcoiner.

"If I had considered this as an investment, I might have held on a little longer, but I would have surely sold at a lower price, maybe at the famous level of 1 BTC = $1? With knowledge of the future, I would have acted differently, but who wouldn't say the same thing?" he confided to the Telegraph in 2018.

More than the astronomical prices of Bitcoin, what impresses him is that cryptocurrency has become a crucial element of a new era of economic freedom.

"I believe that the global power of cryptocurrencies is beneficial, giving individuals and businesses the ability to trade locally and internationally in a fair and traceable manner."

Despite his regrets, Jeremy is proud to have participated in one of the most memorable events in the history of bitcoin.

Like him, Laszlo Hanyecz, who paid 10,000 BTC for two pizzas 13 years ago, prefers to see the positive side rather than the lost money.

"I try not to think about it. First because it's pointless, and secondly because it would drive me crazy," Laszlo confided to the Telegraph. "I mined this Bitcoin and at the time, it was like receiving free food. It wasn't worth much. I wouldn't have spent 100 million dollars on a pizza! But if I hadn't done it, maybe Bitcoin would have never become so popular."