Fifteen years after Laszlo Hanyecz paid 10,000 bitcoins for two Papa John's pizzas worth $41, that transaction is now valued at $1.1 billion as the global cryptocurrency community celebrates Bitcoin Pizza Day on May 22.
From $41 to $1.1 billion: Bitcoin Pizza Day marks the 15th anniversary of the historic cryptocurrency transaction
On May 22, 2010, programmer Laszlo Hanyecz in Florida made history by purchasing two large Papa John's pizzas for 10,000 bitcoins (BTC), marking the first recorded use of this leading cryptocurrency for real-world goods. Today, those pizzas would be worth $1.1 billion at the current bitcoin price of $110,663.
Hanyecz, an early bitcoin miner, posted a request on the bitcoin forum offering 10,000 BTC for pizza. Jeremy Sturdivant, then 19 years old, accepted the deal, bought the pizza for $25, and delivered them to Hanyecz. Reports vary on whether Sturdivant is based in California or the UK, but the exchange has become legendary as the value of bitcoin soared over the years.
At the time, bitcoin was trading for less than half a cent, valuing Hanyecz's payment at about $41. By 2011, bitcoin reached parity with the US dollar, pushing the price of the pizzas to $10,000. This milestone reached $2.4 million in 2015 and hit another peak of $690 million during bitcoin's all-time high of $68,990 in 2021.
Hanyecz shared with CBS in 2019 that, "At that time, bitcoin was worth nothing, so the idea of exchanging it for a pizza was really intriguing. It made bitcoin real."
Bitcoin Pizza Day, celebrated annually, honors this significant moment in cryptocurrency history. Enthusiasts around the world buy pizza with bitcoin. This day highlights the evolution of bitcoin from a niche experiment to a multi-billion dollar asset.
This transaction also highlights the risks and rewards of early adoption. If Hanyecz had held onto his bitcoins, he could have rivaled the wealth of tech billionaires. Instead, his remaining funds were just enough for a day, while his 10,000 BTC became a cultural milestone.
As Bitcoin Pizza Day turns 15, it remains a mix of celebration and cautionary tale—a reminder of how a $41 pizza order became a multi-billion dollar lesson in innovation and volatility.