The surge for the buzzing cryptocurrency space is now at an all time high. But in 2010, bitcoin was a small but growing economy and no one knew the price of bitcoin will one day touch the skies.
On May 22, 2010, now known as Bitcoin Pizza Day, Laszlo Hanyecz, an early developer and miner agreed to pay 10,000 Bitcoins for two delivered Papa John’s pizzas. According to Bitcoin Magazine, Hanyecz had written on a forum, “I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting 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, they just bring you something to eat and you’re happy!” This made Hanyecz became the first person to use bitcoin for commercial transaction.
A bitcoin user Jeremy Jercos Sturdivant took up Hanyecz’s offer and bought the two pizzas for him in exchange for the 10,000 Bitcoins. Even then the recipient of the Bitcoins got himself a bargain, paying $25 for the pizzas, while 10,000 Bitcoins were worth around $41 at the time.
Nine months after the purchase, Bitcoin reached parity with the U.S. dollar, making the two pizzas worth $10,000 and in 2015—the fifth anniversary of Bitcoin Pizza Day—the two pizzas were valued at $2.4 million. Today is the 11th anniversary of Bitcoin Pizza day and the value of 10,000 BTC is $38,427.91 as at the time of writing.
Meanwhile, Papa John’s Pizzas is giving away 10,000 pizza slices for the celebration of National Bitcoin Pizza Day.