The billion-dollar bite: The history behind Bitcoin Pizza Day
Jun 17, 2025・4 min read
Holding onto investments is tough – but looking back at what could have been is even tougher. Just ask Laszlo Hanyecz. One night, this computer programmer let his craving for junk food get the best of him, spending 10,000 Bitcoin (BTC) on a few boxes of pizza. At the time, BTC was worth just a few pennies, but at today’s prices, that stash would be worth over $1 billion. While Hanyecz may have missed out on unimaginable wealth, he has secured a permanent place in crypto history as "that Bitcoin pizza guy" – and the inspiration behind a holiday.
But Bitcoin Pizza Day isn’t just about Hanyecz’s legendary trade. This cheesy transaction marked a pivotal moment in Bitcoin’s journey, demonstrating that a peer-to-peer (P2P) currency could have real-world value.
What is Bitcoin Pizza Day?
Bitcoin Pizza Day is a holiday in crypto circles, celebrating the first recorded real-world purchase made with Bitcoin. The story behind this legendary transaction began on May 18, 2010, when Florida-based programmer Laszlo Hanyecz posted on the Bitcointalk forum, offering 10,000 BTC in exchange for two large pizzas. As he put it, his goal was to get "...food delivered in exchange for bitcoins where I don't have to order or prepare it myself, kind of like ordering a 'breakfast platter' at a hotel or something."
In the days that followed, several forum members expressed interest in helping Laszlo, but many were unsure how to facilitate the trade since they weren’t based in the United States. By May 21, Laszlo asked whether his 10,000 BTC offer was "too low," explaining that he simply thought "it would be interesting if I could say that I paid for a pizza in bitcoins."
The next day, on May 22, 2010, Laszlo confirmed on Bitcointalk that he had successfully received two Papa John’s pizzas from a user named "jercos" – the alias of Jeremy Sturdivant.
While Laszlo was still searching for someone to buy pizza with Bitcoin, one commenter mentioned "10,000... Thats [sic] quite a bit.. you could sell those on https://www.bitcoinmarket.com/ for $41USD right now.” In 2024, however, Bitcoin broke the historic $100,000 mark, making these Papa John's pizzas worth $1 billion.
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Why does Bitcoin Pizza Day matter?
For Bitcoin enthusiasts, Laszlo Hanyecz's quest to trade BTC for pizza is more than just a fun anecdote – it set a precedent for cryptocurrency adoption and established Bitcoin as a legitimate currency. Bitcoin Pizza Day also serves as a milestone in Bitcoin’s history, marking just how far it has come since its early days.
- Proof of concept: This first Bitcoin transaction for pizza took cryptocurrency out of the realm of theory and put it into practice. Before Laszlo exchanged his Bitcoin for those pizzas, BTC had never been used in day-to-day transactions. Even though Papa John’s didn’t accept BTC directly, this event proved Bitcoin could be used to exchange value for real-world goods, helping legitimize the Bitcoin blockchain as a P2P payment system.
- Historical marker: As the first recorded real-world purchase with Bitcoin, Pizza Day played a key role in shifting BTC from an obscure digital experiment to a recognized financial asset. Many see Bitcoin Pizza Day as a turning point in crypto’s evolution, marking the transition from a niche technology to a legitimate financial class. The event also serves as a benchmark for measuring Bitcoin’s progress, adoption, and mainstream acceptance.
- Perception of Bitcoin’s value: Looking back at Laszlo’s Bitcoin pizza purchase, it’s striking how much BTC’s market price has grown since 2010. The exponential rise in Bitcoin’s value since Pizza Day underscores its potential as a long-term investment. Over time, Bitcoin’s scarcity, increasing adoption, and classification as a commodity have led many to compare it to gold as a store of value.
How to celebrate Bitcoin Pizza Day
Hosting a pizza party is the obvious way to celebrate Bitcoin Pizza Day. While no one in their right mind would trade 10,000 BTC for a few pizzas today, people can recreate the historic event by buying two Papa John’s pizzas with cryptocurrency. However, since Papa John’s isn't a crypto-friendly business (at the time of writing), those wanting to pay with BTC need to use alternative methods – such as purchasing a gift card with cryptocurrency or using a crypto debit card like the Coinbase Card. Bonus points for anyone who orders Laszlo Hanyecz’s original topping preferences, which included "onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc... just standard stuff no weird fish topping or anything like that."
Even for those who don’t buy pizza, Bitcoin Pizza Day is often a moment of reflection – especially on how much Laszlo’s net worth would have been had he held onto his BTC instead of trading it for deep-dish satisfaction. Crypto news sites frequently mark the occasion with stories about Bitcoin Pizza Day, highlighting both Bitcoin’s rise and the challenges it has faced since 2010. Meanwhile, those more involved in the crypto space often use Bitcoin Pizza Day as an opportunity to host educational events and teach people about P2P currencies.
Is this pizza the most expensive Bitcoin purchase?
While Laszlo Hanyecz’s Papa John’s pizzas remain the most famous Bitcoin purchase, they aren’t the most valuable transaction made with BTC. In 2013, a luxury condo complex in New York City called The Dominick accepted 25,500 BTC for a one-bedroom property.
At the time, this 25,500 BTC was already worth significantly more than Laszlo’s 10,000 BTC pizza trade – approximately $2 million at the time of transfer. However, with Bitcoin’s sustained price appreciation since 2013, that stash of BTC is now valued at over $2.5 billion – more than double the current worth of Laszlo’s pizzas and far exceeding what the apartment buyer originally paid.
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Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.