What Is Bitcoin Pizza Day?

The Story Behind Bitcoin Pizza Day

The Bitcoin network was launched on January 3, 2009 by Satoshi Nakamoto, an anonymous individual or team of technologists whose identity remains unknown. That moment is considered the inception point for the explosion of innovation that has since followed in blockchain, cryptocurrency, and decentralization. Bitcoin was the first crypto to reach the public consciousness, and that set the groundwork for every cryptocurrency that followed — including Ethereum, Dash, Zcash, and Cardano.

At the time of launch, the Bitcoin blockchain’s native cryptocurrency bitcoin (BTC) was mined at a rate of 50 BTC every ten minutes. Known to only a niche community early on, it was initially unclear if BTC could be used as a viable currency at all, or what its market value could become. The following year in 2010, the first real-world BTC transaction was documented. This transaction saw bitcoin traded for two pizzas. While receiving very little fanfare at the time, this event later came to be seen as a watershed event known as “Bitcoin Pizza Day.”

The Guy Who Bought Pizza With Bitcoin

On May 18, 2010, a post appeared on the Bitcoin messaging board Bitcointalk. It offered 10,000 bitcoin for 2 large pizzas. The poster — a software programmer from Florida named Laszlo Hanyecz — expressed his topping preferences and the desire to have the pizzas delivered. Four days later, on May 22, 2010, Lazslo’s order was filled; he claimed to have received one large cheese pizza and one large supreme pizza from the pizza chain Papa John’s.

Upon receiving his cheesy delivery, Hanyecz posted photographic evidence of his family enjoying the pizzas. Ostensibly the first person to physically purchase something with BTC, he has become somewhat of a crypto-celebrity in his own right. May 22 has gone on to become the annual event known as Bitcoin Pizza Day. Here’s why:

At the time of the exchange, 10,000 BTC could be purchased for around USD 41. This means an individual bitcoin was worth about USD 0.004 at the time of purchase. While 10,000 BTC is now worth hundreds of millions of dollars, Hanyecz says that he doesn’t regret his purchase and is proud to be part of Bitcoin folklore. The Bitcointalk forum history logs indicated that Hanyecz made numerous “bitcoin for pizza” transactions into the summer of 2010, until deciding to suspend the open offer in August of that year.

A lesser known character — but one critical to the story — is the student who accepted bitcoin for pizza. Jeremy Sturdivant, then 19, saw the post and was the first person to take Hanyecz up on his offer. Known on Bitcointalk as “Jercos,” he later spent his 10,000 BTC — worth around USD 400 at the time — on a roadtrip with his girlfriend. Like Hanyecz, he claims he holds no regrets, and is excited to be a part of Bitcoin’s early origins. In 2021, each of those 5,000 BTC pizzas would have held a value of USD 344 million.

How Bitcoin Pizza Day Became a Crypto Holiday

There isn’t much evidence to suggest that this event was widely celebrated or marked on many calendars. It was only in 2014 — corresponding with BTC’s notable price appreciation at the time —  that this bitcoin-for-pizza transactional event hit the headlines. After receiving both mainstream and crypto press coverage, the story went viral on social media. This led to the coinage of the phrase “Bitcoin Pizza Day,” and initiated what has gone on to become an annual event for many within the crypto community and beyond.

Bitcoin Pizza Day has grown from news to meme to a full-blown Bitcoin and crypto holiday. Each year sees a proliferation of opportunities for free swag and crypto, contests, charity initiatives, and of course — delicious pizza. You can find Bitcoin Pizza Day mugs, hats, t-shirts, and even BTC Pizza Day-themed hardware wallets. Perhaps more importantly, the 10,000 bitcoin pizza kickstarted bitcoin adoption and led to other people and companies accepting BTC as a currency for payment. Now, it’s commonplace for banks, websites, retail outlets, and individuals to accept payments in BTC and many cryptocurrencies — and Bitcoin Pizza Day is where it all began.