In 2010, programmer Laszlo Hanyecz made what would become one of the most famous and costly transactions in the cryptocurrency world. He spent 10,000 Bitcoin on two Papa John’s pizzas — an order that, in today’s terms, would set him back nearly $1 billion.
In a 2019 interview with CBS’ 60 Minutes, Hanyecz recalled the moment, which is often celebrated as the first-ever commercial Bitcoin transaction:
“I just posted on the forum, saying, ‘If anyone’s interested, I’ll trade 10,000 Bitcoin for some pizza.’ Someone responded, and I sent them the Bitcoin. They paid with their credit card, and the pizza arrived at my door.”
Hanyecz’s purchase has since become a symbol of both Bitcoin’s humble beginnings and its skyrocketing value over time. With each new bull market, the transaction becomes even more infamous, with the price of Bitcoin continuing to climb year after year.
The Rising Costs of “Pizza Day”
The date of that first pizza order, May 22, 2010, is celebrated within the Bitcoin community as “Pizza Day.” Over the years, the cost of those two pizzas has ballooned far beyond what anyone could have imagined at the time.
Back in 2016, the value of the 10,000 BTC spent on the pizzas had already surged to about $4.4 million — a staggering increase from the original $41 price tag. By May 22, 2018, on the eighth anniversary of the purchase, that same amount of Bitcoin was worth roughly $41 million — nearly 10 times its value from 2016.
As Bitcoin’s price reached new heights in 2020, the opportunity cost of the 10,000 BTC crossed the $80 million mark. On Pizza Day 2022, that figure rose even further, surpassing $300 million — an incredible increase as Bitcoin hit new all-time highs.
However, the crypto market faced a downturn in 2023, with the value of the 10,000 BTC falling to approximately $268 million. Despite this correction, experts in the industry are forecasting a resurgence, with some predicting that Bitcoin could hit $180,000 per coin by 2025. If these predictions hold true, the cost of those two pizzas could approach an eye-watering $2 billion on Pizza Day 2025.
Hanyecz’s transaction, while a small and relatively inexpensive purchase at the time, has grown into a symbolic reminder of how rapidly the value of Bitcoin has evolved, and it’s unlikely that anyone who celebrates Pizza Day will ever forget just how costly those pizzas really were.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
