On May 22, 2010, a seemingly ordinary transaction changed the course of cryptocurrency history. A programmer in Florida used 10,000 bitcoins to buy two pizzas. Today, that same amount of BTC would be worth hundreds of millions of dollars. This legendary event is now affectionately known as the Bitcoin Pizza—a symbol of both the humble beginnings of digital currency and its explosive growth.
In this article, we’ll explore the origins of the Bitcoin Pizza, the people behind it, how much those two pizzas really cost, and what this moment means for the evolution of Bitcoin (BTC). We’ll also examine whether buying pizza with Bitcoin is still feasible today—and what the future might hold.
What Is the Bitcoin Pizza?
The term Bitcoin Pizza refers to the first known real-world purchase made using Bitcoin. It wasn’t just a quirky tech experiment—it marked the moment when Bitcoin transitioned from a theoretical digital asset into a usable form of money.
The First Bitcoin Purchase: A Slice of History
On May 18, 2010, Laszlo Hanyecz, a software developer based in Florida, posted a message on a Bitcoin forum:
“I’ll pay 10,000 BTC for a couple of pizzas… like maybe 2 large ones so I have some left over for the next day.”
At the time, Bitcoin had no established market value. Mining was still in its infancy, and most users were developers testing the network. Laszlo’s post was both humorous and practical—he wanted to prove that Bitcoin could be used for everyday transactions.
Four days later, on May 22, 2010, a British student named Jeremy Sturdivant (known online as “jercos”) accepted the offer. He ordered two large Papa John’s pizzas using his credit card and delivered them to Laszlo—receiving 10,000 BTC in return.
That day became immortalized in crypto culture as Bitcoin Pizza Day, celebrated annually by enthusiasts around the world.
👉 Discover how early adopters turned small Bitcoin investments into life-changing wealth.
The Two Key Figures Behind the Transaction
While Laszlo initiated the idea, it was Jeremy who made it happen. Their collaboration bridged continents and demonstrated the global potential of decentralized currency.
- Laszlo Hanyecz: A passionate early Bitcoin contributor who helped mine some of the first blocks and even ran Bitcoin on a Mac computer at a time when support was limited.
- Jeremy Sturdivant: A student eager to participate in the growing crypto community, willing to spend real money to make digital history.
Neither expected their actions to become legendary. But today, their names are etched into blockchain folklore.
How Much Were Those Two Pizzas Worth?
In May 2010:
- 1 BTC ≈ $0.0025 USD
- 10,000 BTC ≈ $25 USD
- Two large pizzas cost roughly $25
So financially, it was a fair trade.
But fast forward to 2025, with Bitcoin trading well above $60,000**, 10,000 BTC would be worth over **$600 million.
Imagine selling a meal for a small fortune. That’s exactly what happened—and why Laszlo is often jokingly called “the man who spent millions on pizza.”
This story highlights one of Bitcoin’s most powerful narratives: from pennies to planetary value.
The Evolution of Bitcoin: Price Milestones and Market Movements
To understand the significance of the Bitcoin Pizza, we need to look at how Bitcoin’s value has evolved since its creation.
The First Recorded Bitcoin Price: Just 0.07 Yen
Bitcoin was introduced in October 2008 through a whitepaper by the pseudonymous Satoshi Nakamoto. The first block—known as the Genesis Block—was mined in January 2009.
There was no official price at first. But by October 2009, the first exchange rate was recorded on a now-defunct platform called New Liberty Standard:
- 1 BTC = $1 = approximately ¥95 JPY
- Which equates to about ¥0.07 per BTC when adjusted for mining costs and electricity
This tiny valuation underscores how experimental and niche Bitcoin was in its earliest days.
By May 2010—just before the pizza purchase—Bitcoin had risen to around $0.003, showing early signs of organic demand.
Major Price Swings Throughout History
Bitcoin has never followed a smooth path upward. Its journey has been marked by dramatic booms and busts:
- 2011: Jumped from $1 to over $30, then crashed back to $2
- 2013: Surged from $13 to $1,242 within a year
- 2017: Reached nearly $20,000 before correcting sharply
- 2021: Peaked above $68,000
- 2025: Entered mainstream adoption with institutional investment and ETF approvals
Each surge brought new attention—and skepticism. Yet through every cycle, Bitcoin has rebounded stronger.
The pizza transaction remains a poignant reminder: value is not static. What seems trivial today could be priceless tomorrow.
Can You Still Buy Pizza With Bitcoin Today?
Technically, yes—but practically? It’s complicated.
High Transaction Fees Make Microtransactions Difficult
One major obstacle is transaction fees. During periods of high network congestion:
- Sending BTC can cost $10–$50 or more
- Confirming a transaction may take minutes—or even hours
Paying $30 in fees to buy a $15 pizza is clearly impractical.
This issue stems from Bitcoin’s scalability limitations—its blockchain can only process about 7 transactions per second (compared to Visa’s 24,000+).
Could Future Tech Make “Bitcoin Pizza” Practical Again?
Yes—and one promising solution is already gaining traction: the Lightning Network.
What Is the Lightning Network?
The Lightning Network is a second-layer payment protocol built on top of Bitcoin. It allows:
- Instant transactions
- Extremely low fees (fractions of a cent)
- Off-chain settlements (only opening/closing channels go on-chain)
Imagine opening a direct channel with your local pizzeria. You pre-load it with 0.01 BTC. Every time you order, funds are instantly deducted—no miner fees, no delays.
Several companies already accept Bitcoin via Lightning:
- Whole Foods (through Fold app)
- Starbucks (via Lightning-enabled wallets)
- Independent restaurants and online stores worldwide
👉 See how modern tools make spending Bitcoin easier than ever before.
As adoption grows, buying a pizza with satoshis (the smallest unit of BTC) could become normal again—even if no one spends 10,000 BTC!
Frequently Asked Questions About the Bitcoin Pizza
Why is the Bitcoin Pizza so famous?
It represents the first documented use of Bitcoin as money for a real-world good. Before this, BTC had no tangible value outside mining and speculation.
Did Laszlo regret spending 10,000 BTC?
In interviews, Laszlo said he didn’t regret it—he was excited to see Bitcoin used in practice. He viewed it as an experiment, not an investment at the time.
Is May 22 celebrated globally?
Yes! Many crypto communities mark Bitcoin Pizza Day with promotions, giveaways, and events celebrating real-world crypto use cases.
Are there other “first purchase” stories in crypto?
Yes—though none as iconic. Early adopters bought everything from coffee to laptops with small amounts of BTC before prices soared.
Could another cryptocurrency create its own “pizza moment”?
Absolutely. As altcoins gain utility, similar milestone purchases may emerge—perhaps an Ethereum-based concert ticket or a Dogecoin-funded charity drive.
Is spending Bitcoin on everyday items wise today?
Only if using low-cost networks like Lightning. Spending large amounts or paying high fees defeats the purpose. Think efficiency first.
Final Thoughts: More Than Just Two Pizzas
The Bitcoin Pizza story is more than a fun anecdote—it’s a lesson in innovation, timing, and perspective.
It reminds us that revolutionary technologies often start small. No one could have predicted in 2010 that Bitcoin would become a global financial asset class.
And while we laugh at the idea of spending millions on dinner, we should also recognize Laszlo’s vision: he didn’t just buy pizza—he proved that digital money could work.
As layer-two solutions evolve and adoption spreads, we may see a new era where spending Bitcoin for coffee, groceries, or yes—pizza—is routine again.
But this time, hopefully, no one will need to spend thousands of BTC to do it.
👉 Learn how you can start using Bitcoin safely and efficiently today.