(Kitco News) – May 22 has a special place in the hearts of crypto fans as it marks what has become known as “Bitcoin Pizza Day,” celebrating the historic event in 2010 when Laszlo Hanyecz, a Bitcoin (BTC) developer, paid 10,000 BTC for two Papa John’s pizzas.
Happy Bitcoin Pizza Day! 🍕
On this day in 2010, Laszlo Hanyecz made history by spending 10,000 Bitcoin for two Papa John’s pizzas.
That would be worth over $700 million today!
Legendary! 👊😉 pic.twitter.com/bXIUF1nJNO
— Bitcoin Archive (@BTC_Archive) May 22, 2024
The event was recorded in the annals of Bitcointalk, where Hanyecz posted about his intentions several days before May 22, 2010, saying he’d “pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some leftover for the next day. I like having leftover pizza to nibble on later.”
Post by Laszlo Hanyecz Offering to Pay 10,000 BTC for Two Pizzas. Source: Bitcointalk.org
Hanyecz said someone could make it at home and deliver it to him, or buy it from a pizza shop and deliver it to his home in exchange for the 10,000 BTC. On May 22, 2010, he posted,” I just want to report that I successfully traded 10,000 bitcoins for pizza.”
While the purchase went largely unnoticed at the time, it now marks a key date of celebration and reflection for the crypto community as it shows the significant increase in price that Bitcoin has experienced over the past fifteen years.
At the time of the transaction, Bitcoin was still just an emerging technology, mainly an object of experimentation for a handful of enthusiasts and developers.
Since then, Bitcoin has proven itself the best-performing financial asset of all time. The value of the 10,000 BTC amounted to $41 in 2010, while at today’s prices, it would be worth nearly $700 million.
In retrospect, that’s nearly $350 million per pizza, and $43.75 million per slice – as a large Papa John’s pizza has eight slices – but who could have known at the time that Bitcoin would see the unprecedented price increase that has occurred?
In the intervening years, Bitcoin has become a global phenomenon and is now accepted by millions of business and service providers worldwide. But it all started with the fateful pizza purchase in 2010, which is why May 22 will forever be known as ‘Bitcoin Pizza Day’ for the crypto faithful.
More than just an anecdote or trope, the day is a reminder of the potential for cryptocurrencies to transform the global financial system and upend the current status quo of fiat currencies and endless debt issuance.
And with the launch of spot Bitcoin exchange-traded funds (ETF) in the U.S. earlier in the year, the Bitcoin story is just getting started. Pension funds and large institutional investors are now getting in on the action, which could help propel BTC to $100,000, a once-unthinkable price point that many now see as all but inevitable.
Despite any ulterior thesis, one fact remains true.
The ONLY solution we have (to any sort of financial crisis) is money printing.
And #Bitcoin is the world’s greatest liquidity sponge.
As currency debases, $BTC reprices higher.
$100k isn’t likely, it’s inevitable.
— Miles Deutscher (@milesdeutscher) April 15, 2024
Today, Bitcoin Pizza Day is an occasion for the community to celebrate the past and recognize how far they’ve come, while also providing an opportunity to look optimistically toward the future and the emerging Web3 world that will be built with blockchain technology as its backbone.
At the time of writing, Bitcoin is trading at $70,500, an increase of 1.05% on the 24-hour chart and an increase of 163.3% from Bitcoin Pizza Day 2023, when BTC traded for $26,773.
BTC/USD Chart by TradingView
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
