From $30 to $91,270: The Value Transformation Behind Bitcoin Pizza Day

On May 22, 2010, a seemingly ordinary transaction took place on a Bitcoin forum—Florida programmer Laszlo Hanyecz exchanged 10,000 bitcoins for two pizzas. At that time, no one expected this transaction to become one of the most symbolic milestones in cryptocurrency history. Today, as Bitcoin once again approaches the $100,000 mark (current price at $91.27K), the story’s significance continues to evolve.

From Marginal Trade to Historical Testament

It all began on May 18, 2010. Laszlo posted on a forum seeking help: “I want to buy two large pizzas with 10,000 bitcoins.” Back then, Bitcoin was still an obscure experimental product, and most people didn’t believe it had any trading value. Four days later, a 19-year-old from California, Jeremy Sturdivant, decided to accept the offer. He used a credit card to order the pizzas for Laszlo and received the 10,000 virtual assets.

At that time, the actual value of this transaction was only about $30—a typical pizza purchase. No one anticipated that this unremarkable payment behavior would later be commemorated annually as “Bitcoin Pizza Day” by cryptocurrency enthusiasts.

The Astonishing Change in Value Curve

The reason this transaction is still celebrated today is due to the passage of time. As Bitcoin gained recognition, the purchasing power of those 10,000 bitcoins experienced exponential changes:

• 2013: Bitcoin first broke the $1,000 barrier, making the implicit value of those pizzas over $10 million.
• 2021: When BTC surged to $60,000, the value of the pizzas inflated to $6 billion.
• 2024: With the industry recovering, the asset value of this transaction has reached the billion-dollar level.
• Early 2026: BTC hits $91,270, making the theoretical value of these 10,000 bitcoins approximately $912,700,000.

This evolution in numbers actually reflects the market’s deepening understanding of Bitcoin as an innovative asset.

Two Main Characters with Contrasting Attitudes

Interestingly, Laszlo and Jeremy have very different views on this transaction, reflecting different life philosophies.

Laszlo maintains the rationality and optimism of a programmer. In interviews, he revealed that those bitcoins were assets he obtained through GPU mining at near-zero marginal cost. Using these virtual currencies to buy pizza was a way to verify Bitcoin’s practicality. He does not regret missing out on wealth growth because, in his view, this transaction itself successfully demonstrated a key point—virtual currencies can be genuinely circulated. Even more surprisingly, Laszlo later used Bitcoin to buy more pizzas, totaling about $10 billion worth of BTC at current prices.

Jeremy, on the other hand, adopted a more pragmatic approach to cashing out. He quickly converted the 10,000 bitcoins into cash for travel and daily expenses. According to his calculations, he ultimately netted about $400—a tenfold return. Although today his wallet only contains $119 worth of Bitcoin, he has expressed no regrets. To him, participating in early cryptocurrency transactions was an irreplaceable historical opportunity.

Deeper Insights Behind the Pizza Day Legend

The reason this story is commemorated year after year by the community is not just because it “consumed” an astronomical amount of assets. It symbolizes a deeper transformation—from virtual to real, from theory to application, from geek experiments to a global financial instrument.

Laszlo and Jeremy each exemplify different ways of participation: one is dedicated to exploring new technology, the other to seizing real-world value in time. Neither is wrong; they simply represent different choices of their era.

Every year on May 22, when Bitcoin Pizza Day arrives again, we reflect not only on that “most expensive lunch” but also on questions: in a market filled with uncertainty, how should we view value itself? How do we define success? How do we balance the present and the future? These are the most meaningful aspects of this legendary story to be remembered.