In May 2010, programmer Laszlo Hanyecz traded 10,000 bitcoins for two pizzas. Those bitcoins would be worth $990 million at today’s prices
On May 18, 2010, Laszlo began the idea of this transaction when he posted on a Bitcoin forum offering 10,000 bitcoins for two pizzas. What he wanted were pizzas with toppings like spicy sausage, onions, and green peppers but pineapple was a no-no. Bitcoin was new back then and most people didn’t realize its value.
Many saw Laszlo’s post but not many were interested. The few people who wanted to participate in the deal were not based in the US. Then on April 3, Jeremy Sturdivant, a 19-year-old teenager, agreed to the deal. Using his credit card he ordered two pizzas for Laszlo and got back 10,000 bitcoins.
Laszlo shared pictures of his pizzas online, dubbing the exchange Bitcoin’s first real transaction. At the time, 10,000 bitcoins were worth only $30, so it seemed fair to Laszlo. Even though Bitcoin’s value was rising, those pizzas were still expensive enough. But what was an ordinary purchase at the time, is now a legend
By 2013, those pizzas were $10 million worth. Their value rose to $600 million in 2021. With Bitcoin nearing $100,000, the pizzas will be worth $1 billion by 2024.
Now, this purchase is a well-known joke in the crypto world and is celebrated every year as Bitcoin Pizza Day.
The value of Bitcoin has risen so high, but Laszlo isn’t sorry
Laszlo also appeared in a CBS “60 minutes” broadcast where he explained that Bitcoin back then just seemed like video game currency, and buying pizza with it was exciting. Eventually, he spent around 10,000 bitcoins buying pizza, which today would be worth around $1 billion. Laszlo has no regrets, he mined those bitcoins himself, and they were essentially free. Unbothered by not being rich, he remains a modest programmer.
The teenager who accepted the Bitcoin for the pizzas, Jeremy, also used his Bitcoins immediately on travel and living expenses. He shared in an interview that he took those 10,000 bitcoins at the time, turning them into $400, 10 times his money. Now he only has $119 worth of Bitcoin left and regrets none of it. This moment made history, and he treasures his part in the early days of Bitcoin history.
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