Today, May 22, marks the eighth anniversary of the so-called ”Bitcoin Pizza Day”. It serves as a reminder of May 22 of 2010, when a Bitcoin user for the first time purchased two pizzas using the virtual currency. This pizza would today be worth the astronomic sum of $82M. However, the cryptocurrency community has shown both support and admiration for the transaction, since it helped break new ground and was one of the early steps in taking Bitcoin to where it is today.
The Bitcoin owner behind the pizza transaction, Laszlo Hanyecz, ordered two pizzas from Papa John’s on this day in 2010. At the time, Bitcoin was trading at around $0.004 – a marked difference from today’s Bitcoin price of about $8,200. Hanyecz ordered the two pizzas for 10,000 Bitcoin, worth approximately $41 at the time of the transaction. Hanyecz’s original post from May 18 regarding ordering a pizza for 10,000 BTC is still available to view on Bitcointalk, where he tried to get other users to support the transaction. Notably, it took Hanyecz a few days to successfully receive two pizzas, however, on May 22 of 2010 he confirmed that he had successfully taken delivery of two pizzas paid for using Bitcoin.
Today, the cryptocurrency community regards Hanyecz as a trailblazer, who helped pave the way for future Bitcoin and cryptocurrency adoption through his pizza purchase. The thread on Bitcointalk makes for interesting reading, as one can follow Hanyecz’s reasoning behind the transaction – notably, he ”just thought it would be interesting” to say that he had paid for a pizza in Bitcoin – as well as read all the trivia related to the transaction. For example, Hanyecz gave instructions on what types of pizza he liked – just standard stuff – and went on to inquire if his asking price of 10,000 Bitcoin for two pizzas was too low.
Hanyecz would probably not even in his wildest dreams have been able to predict that his two pizzas would one day be worth an equivalent of $82M. Moreover, Bitcoin Pizza Day has become something of a holiday in the cryptocurrency community, and is usually marked by social media events, giveaways, and naturally a lot of pizza. The French cryptocurrency hardware manufacturer Ledger has announced a new limited edition device in remembrance of Bitcoin Pizza Day, and the exchange BTCC noted that they spent just 0.09 BTC on pizza for their entire office this year. It will be interesting to see what the price of Bitcoin will be on May 22 of 2019.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.