Bitcoin Pizza Day: What Happened On May 22? What Is It's Significance? All You Need To Know

Floridian programmer Laszlo Hanyecz paid 10,000 Bitcoins on this day in 2010 to buy two Papa John's pizzas.

Pizza was the first real-world item to be bought using Bitcoins. ( Image Source :Igor Ovsyannykov/Pixabay )

Every year, people across the globe celebrate Bitcoin Pizza Day on May 22. This day is important among crypto enthusiasts as Bitcoin, the world's oldest and most valued crypto, was used for the first time to purchase a real-world product. Cryptocurrency fans call it ‘Bitcoin Pizza Day’ as Floridian programmer Laszlo Hanyecz had paid 10,000 Bitcoins to have two Papa John's pizzas delivered to him on May 22, 2010. Simply put, pizza was the first real-world item to be bought using Bitcoin. In this explainer, let us try to understand its history and significance, and also take a quick look at what industry experts have to say on this.

Bitcoin Pizza Day: History

The first instance of Bitcoin halving took place in 2012 and just after that, on May 18 that year, Hanyecz announced on the Bitcointalk.org forum that he wished to purchase two large pizzas using Bitcoins. He announced offering 10,000 Bitcoins to anyone who was willing to order, collect, and deliver them to him personally.

The pizzas did get delivered to him, however, the identity of the person who accepted Hanyecz's remained a secret for a long time. Later on, it was found that 19-year-old Jeremy Sturdivant was the one who accepted the order, purchased the pizzas from Papa John's and got them delivered to Hanyecz.

During a 2019 interview with CBS, Hanyecz said, “The transaction made [Bitcoin] real for some people. It certainly did for me."

To honour the day, the global crypto community commemorates May 22 each year as 'Bitcoin Pizza Day'.

How Much Could The Two Pizzas Be Worth Today?

Back on May 22, 2010, the two pizzas were worth 10,000 Bitcoins, or roughly at around $41. Notably, the value of the two pizzas increased to a whopping $2.4 million in 2015, and eventually, the price of each Bitcoin reached around $63,000 per token in 2021. If we consider that, those two Papa John's pizzas are today worth around $630 million.

Bitcoin Pizza Day: Reactions From Crypto Community

Mudrex CEO and co-founder Edul Patel told ABP Live, “Bitcoin Pizza Day symbolises the incredible journey of cryptocurrencies, from a humble transaction to a global phenomenon. It reminds us of the immense growth potential and transformative power of digital assets in shaping the future of finance.”

Ashish Singhal, the CEO and co-founder of CoinSwitch, said, “On this day in 2010, Bitcoin made its inaugural practical use, establishing a model for subsequent applications of crypto. Prior to this incident, the concept of crypto existed purely in theory, lacking any proof of its capacity to facilitate real-world purchases. Nevertheless, Hanyecz’s decision to exchange 10,000 Bitcoins for two pizzas provided concrete evidence of crypto’s potential as a medium of trade.”

WazirX Vice President Rajagopal Menon said, “Bitcoin Pizza Day commemorates the momentous purchase of two pizzas for 10,000 Bitcoin. This single transaction transformed Bitcoin from 'magic Internet money' to something that has value. It is a yearly reminder of the transformative power and unforeseen implications of blockchain technology.”

Sathvik Vishwanath, Co-Founder & CEO, Unocoin, said, "It is important to note that the real significance lies in the recognition of this transaction as the first real-world use case for Bitcoin, demonstrating its potential as a decentralized digital currency. Bitcoin Pizza Day serves as a reminder of the rapid growth and adoption of cryptocurrencies, highlighting the journey from a seemingly trivial transaction to a global phenomenon. It symbolizes the early believers and pioneers who played a key role in establishing Bitcoin as a viable alternative to traditional financial systems."

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.