On May 22, 2010, programmer Laszlo Hanyecz bought two Papa John’s pizzas with 10,000 Bitcoins. This transaction was permanently recorded in early Bitcoin forum posts and became one of the most famous “consumption events” in crypto history.

1. The Shock in Numbers: From $41 to Billions

At that time, the market value of 10,000 BTC was about $41. Based on today’s Bitcoin price (assuming $65,000 per coin), these two pizzas would be worth approximately $650 million. Even after accounting for inflation, that number is enough to buy a mid-sized publicly traded company.

This huge disparity in value has turned every Pizza Day into a collective ritual of “regret pills.”

2. Putting Regret Aside: Was Spending Those 10,000 BTC Worth It?

From a pure investment perspective, of course not. But from the development history of Bitcoin, this transaction’s value far exceeds $650 million.

In 2010, Bitcoin faced a “chicken or the egg” dilemma: no one accepted it for payments, so it had no real value; no real value, so no one was willing to accept it. Laszlo’s transaction directly broke this deadlock — he proved that Bitcoin could be exchanged for real-world goods. Since then, Bitcoin has gradually moved from a niche geek circle to broader payment scenarios.

In other words, those two pizzas weren’t “wasted,” but rather “invested” into Bitcoin’s credibility account. Without this transaction, Bitcoin’s market cap today might not have reached its current heights.

3. The Cultural Significance of Pizza Day: A Humorous Community Ritual

Why does the crypto community repeatedly commemorate a seemingly “stupid” decision?

Because any successful value network needs narrative and ritual. Traditional finance has “Black Monday,” and the crypto world has “Pizza Day.” It uses a lighthearted, self-deprecating way to remind all participants:

· Don’t judge yesterday’s decisions by today’s prices;
· Value grows over time, not remains static;
· What truly drives Bitcoin’s success isn’t the “diamond hands” of hodlers, but those willing to use it for small transactions.

4. Today’s BTC Payments: Why Do Few People Still Spend Bitcoin on Pizza?

Interestingly, as Bitcoin’s price has risen and the network has become congested, the proportion of Bitcoin used for daily transactions has significantly decreased. People prefer to see it as “digital gold” for storing value rather than a medium of exchange. Layer 2 solutions like the Lightning Network attempt to solve this, but large-scale adoption has yet to arrive.

Therefore, Pizza Day also becomes a point of reflection: Should Bitcoin be an asset or a currency? Laszlo chose the latter with his actions back then, but today’s market seems to lean more toward the former.

Laszlo later said in an interview that he doesn’t regret it. Because he participated in a real economic experiment. Those two pizzas were the bridge from Bitcoin’s code to reality.

So today, take a bite of pizza and think: if you were Laszlo in 2010, would you make the same choice?

If your answer is “yes,” then you understand the true spirit of Bitcoin.

BTC1%

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