Key Takeaways
- Bitcoin Pizza Day marks the first time BTC was used for a real-world purchase.
- The two pizzas cost $41, or 10,000 BTC at the time. This would be worth over $1.1 billion today.
- Pizza Day sparks FOMO, but is a reminder of BTC’s long-term potential.
Some call him a pioneer, others a fool. In 2010, Florida man Laszlo Hanyecz spent 10,000 Bitcoin (BTC) on two large Papa John’s pizzas, a transaction that cost him just $41 at the time.
Fifteen years later, that meal would be worth over $1 billion.
For some, Bitcoin Pizza Day is a painful reminder of once-in-a-lifetime financial opportunities lost. For others, it’s a reason to zoom out, a symbol of just how far Bitcoin has come, and a testament to its long-term value.
Bitcoin Pizza Day
On May 22, 2010, Laszlo Hanyecz posted on the Bitcoin Talk forum, asking if anyone could help him buy two pizzas in exchange for 10,000 BTC, worth just $41 at the time, with Bitcoin trading for only a few cents.
With the help of another Bitcoiner on the forum, Laszlo settled the order. It marked a historic milestone: Bitcoin had been used for a real-world purchase, even if it took a few extra steps to make it happen.
Just a year later, Bitcoin’s price had climbed to around $6.83, making those two pizzas worth nearly $70,000. By May 2013, they would have cost over $1 million. In 2017, they would cost over $21 million. By 2020, they would cost over $90 million.
And today, with BTC hitting a new all-time high above $110,000, that pizza order would be worth more than $1.1 billion.
Coping With FOMO
The story often triggers a deep “fear of missing out,” or FOMO, response from onlookers who, maybe at one point, bought and sold their BTC in the years before it became a global phenomenon.
As evidenced by its $2.2 trillion market cap, BTC has demonstrated its long-term potential. Furthermore, major global forces like the U.S. government, Russia, and others are clamoring to become the crypto powerhouses of the world.
As former Binance boss Changpeng “CZ” Zhao highlights, it’s worth zooming out from the short-term price movements and looking at BTC’s long-term performance.
Whilst his post may reignite the pains of FOMO, it should also serve as a reminder that patience and perspective are everything.
Though, perhaps most importantly, it’s about time in the market, not timing it.
Happy Bitcoin Pizza Day!
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
