Key Takeaways
- In 2010, Laszlo Hanyecz spent 10,000 Bitcoin to buy two pizzas.
- Today, those pizzas are worth approximately $978 million.
- Pizza Day celebrates Bitcoin's first commercial transaction.
In 2010, Laszlo Hanyecz made history by purchasing two Papa John’s pizzas for 10,000 Bitcoin, marking the first recorded commercial Bitcoin transaction.
Today, the value of that transaction exceeds $978 million, showcasing the staggering appreciation of Bitcoin over the past 13 years.
Hanyecz reflected on the moment in a 2019 interview with CBS’ 60 Minutes, stating:
I just posted on the forum. I said, ‘You know, if anybody’s interested, I’m offering 10,000 Bitcoin in exchange for some pizza.’ Somebody there said, ‘Hey, I’ll take you up on that offer.’
The buyer used a credit card to purchase the pizzas, and Bitcoin’s first transaction was complete.
Pizza Day
This event is celebrated annually by Bitcoin enthusiasts as “Pizza Day,” observed on May 22.
Over the years, the opportunity cost of the 10,000 BTC has risen dramatically.
On Pizza Day in 2016, the value was $4.4 million.
By 2022, the total skyrocketed to over $300 million, before declining slightly during the bear market of 2023 to $268 million.
Currently, the opportunity cost of the pizzas is $978 million.
