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What is the origin of Bitcoin Pizza Day? 3 fun facts about Pizza Day that everyone in the crypto world must know!
Have you heard of Bitcoin Pizza Day? Why do people in the crypto community celebrate it every year on May 22nd? What is the origin of Bitcoin Pizza Day? This article will tell you the story of Pizza Day and its significant meaning to the cryptocurrency industry!
What is Bitcoin Pizza Day?
Would you want to buy things with Bitcoin ($BTC)? If there were two large pizzas selling for 10k bitcoins, would you buy them? On May 22, 2010, a Bitcoin enthusiast exchanged 10k bitcoins for pizza, facilitating the first real-world transaction using Bitcoin. This day later became known in the crypto world as "Bitcoin Pizza Day."
But beyond the surface story, what other interesting facts are there about Bitcoin Pizza Day that crypto enthusiasts should know? This article will start from the story of Bitcoin Pizza Day and tell you its major significance to the crypto industry!
Origin of Bitcoin Pizza Day: Engineer buys pizza with 10k BTC
On May 22, 2010, an engineer named Laszlo Hanyecz wanted to order pizza and suddenly thought of paying with Bitcoin. A 19-year-old agreed to this transaction. In the end, the engineer exchanged 10k bitcoins ($BTC) for two large pizzas.
It’s important to note that at that time, Bitcoin had only been around for about two years, and only a few people knew about this peer-to-peer digital cash. Laszlo Hanyecz was one of them. He not only understood Bitcoin but also participated in mining, acquiring a large amount of bitcoins.
Although Satoshi Nakamoto called Bitcoin electronic cash, no one knew how to use it for transactions back then. Laszlo was willing to be a pioneer. On May 18, 2010, he posted on the Bitcoin Talk forum expressing his willingness to exchange 10k bitcoins (worth $41 at the time) for two large pizzas.
Image source: Bitcoin Talk forum Origin of Bitcoin Pizza Day: Engineer buys pizza with 10k BTC
After posting, Laszlo didn’t immediately find a seller, but four days later (on 5/22), he announced on the forum that he successfully exchanged for pizza. The seller was a 19-year-old named Jeremy Sturdivant.
Image source: Bitcoin Talk forum Origin of Bitcoin Pizza Day: Engineer buys pizza with 10k BTC
The picture below shows the two large pizzas Laszlo received, which look very delicious!
Image source: Laszlo Hanyecz Bitcoin Pizza Day origin: Engineer buys pizza with 10k BTC
Celebrating Bitcoin Pizza Day: The pizza was worth $1.06 billion at the time
Laszlo Hanyecz probably didn’t realize that his act would be recorded in the history of Bitcoin development, as it was the first case of using Bitcoin to buy physical goods. Today, although Bitcoin payments are still not widespread, more and more users are using it to purchase tangible items.
This is also why crypto enthusiasts celebrate Bitcoin Pizza Day every year on May 22nd. Without Laszlo and Jeremy’s experiment, people might not realize Bitcoin’s potential for real-world transactions.
Shockingly, the 10k bitcoins Laszlo used to exchange for two large pizzas are now worth up to $8B (assuming 1 BTC = $106,000). One pizza equals $10k—truly the most expensive pizza in history!
Looking ahead to 2025, many might think Laszlo’s idea was foolish. If he had held onto those 10k bitcoins until now, he would be a billionaire. But he didn’t, and chose to take the two pizzas instead.
Image source: The Sun - Photo of Laszlo Hanyecz with his children celebrating Bitcoin Pizza Day
Three Fun Facts About Bitcoin Pizza Day You Must Know
Although Bitcoin Pizza Day is fun, there are many lesser-known stories behind it.
Laszlo Hanyecz bought pizza multiple times with Bitcoin
Laszlo Hanyecz didn’t only buy pizza on May 22, 2010! According to records, about a month after his first transaction, he posted on the forum: “This is a long-term request. As long as I have funds (which I usually do), I’m willing to exchange 10k bitcoins for two pizzas at any time.”
It wasn’t until August 2010, when Bitcoin mining difficulty increased significantly, that he ended this “pizza experiment.” If his words are true, Laszlo spent 81,432 bitcoins on pizza, which at current prices exceeds $8.6 billion!
The recipient of 10k bitcoins already sold them
The person who received 10k bitcoins, Jeremy Sturdivant, also didn’t hold onto them long-term. In an interview, he admitted he sold the 10k bitcoins early on for about $400 and used the money to travel around the US with his girlfriend. From an investor’s perspective, it might seem like he missed out on over a million-fold profit, but Jeremy believed: “Bitcoin as a currency is meant to be spent,” and economic growth requires people willing to spend.
Image source: bitcoinwhoswho Three Fun Facts About Bitcoin Pizza Day You Must Know
Satoshi Nakamoto invented GPU mining earlier than Laszlo Hanyecz
The last fun fact is even more surprising: Satoshi Nakamoto actually invented GPU mining technology before Laszlo Hanyecz!
In a 2020 interview, Laszlo revealed that Satoshi privately shared his GPU mining code and mentioned it as a “secret weapon” to protect against 51% attacks on the Bitcoin network. Satoshi even advised Laszlo to delay developing GPU mining, advocating a “gentlemen’s agreement” to slow down the “GPU arms race” for the health of Bitcoin’s network.
Image source: Bitcoin forum Three Fun Facts About Bitcoin Pizza Day You Must Know
Bitcoin Pizza Day is not a joke—spending it is the real legacy?
Many netizens think it’s a pity that Laszlo exchanged 10k bitcoins for pizza; if he had held onto them, he’d be rich now! However, viewing Laszlo’s decision with today’s perspective isn’t entirely fair. Because 15 years ago, users’ views on Bitcoin were completely different from today. Laszlo also revealed in an interview that back then, Bitcoin was worthless.
The crypto media outlet “BlockChain Force” author Xu Ming’en commented on Bitcoin Pizza Day: “Spending it is the real legacy,” and pointed out that Laszlo’s decision to buy pizza with Bitcoin might have been the smartest move he ever made. His actions proved Bitcoin’s value as a medium of exchange.
Moreover, holding Bitcoin long-term isn’t easy. Over these 15 years, the crypto industry has experienced Mt. Gox exchange being hacked for 850k bitcoins, and early miner James Howells accidentally threw away a hard drive containing private keys, which still can’t be recovered.
Read more: Man who lost millions of dollars in a landfill loses lawsuit! He still refuses to give up: “I still have a way to save it.”
Crypto media outlet CoinDesk also believes Bitcoin is like a startup tech company—it might fail miserably. Without Bitcoin Pizza Day, perhaps no one would have supported Satoshi’s vision, making Bitcoin a peer-to-peer electronic cash system, and it might have remained a niche token circulating only within geek communities.