On May 22, 2010, a seemingly ordinary online transaction changed cryptocurrency history forever. Laszlo Hanyecz, a programmer and early Bitcoin enthusiast, made the first documented real-world purchase using Bitcoin—two large Papa John’s pizzas, bought for 10,000 BTC. At today’s prices, that meal would be worth hundreds of millions of dollars. Yet, neither Laszlo nor the recipient of those coins regrets their role in what’s now celebrated as Bitcoin Pizza Day.
This iconic moment wasn’t just about hunger or impulsivity—it was a bold experiment in digital currency adoption. More than a decade later, the story offers valuable insights into the mindset of early adopters, the evolution of Bitcoin’s value, and how two individuals helped shape crypto culture—without becoming billionaires.
The Man Who Spent 10,000 BTC: Laszlo Hanyecz
Laszlo Hanyecz wasn’t just any Bitcoin user—he was one of the first to mine Bitcoin using GPU hardware, significantly boosting mining efficiency at a time when most people were still experimenting with CPUs. In those early days, he could generate over 1,000 BTC per day through mining. To him, spending 10,000 BTC on something tangible like pizza wasn’t reckless; it was a way to test Bitcoin’s utility as real money.
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When asked if he regrets that transaction—especially as Bitcoin surged past $60,000 in recent years—Hanyecz remains unfazed. “No,” he says simply. He views the purchase not as a financial mistake but as a meaningful contribution to Bitcoin’s history.
In a 2018 interview, he reflected:
“I think it’s pretty cool that I got to be part of the early history of Bitcoin in this way. I was helping people on forums, getting Bitcoin to work on macOS, fixing bugs. I was always promoting its use. Buying pizza was just one way to show it could work.”
His philosophy was clear: Bitcoin should function as currency, not just an investment. That mindset drove him to spend freely when others might have hoarded. In fact, when Bitcoin briefly hit $1 per coin, he sold all his holdings to buy a new computer—another decision made without hesitation or regret.
The Teen Who Received the Coins: Jeremy Sturdivant
The other side of this legendary trade was Jeremy Sturdivant, a 19-year-old at the time who went by the online alias “jercos.” Living in Florida, he saw Laszlo’s post on the Bitcointalk forum offering 10,000 BTC for two pizzas delivered via his credit card. Jeremy took the deal, ordered the pizzas, and received the cryptocurrency.
Like Laszlo, Jeremy didn’t hold onto the coins long-term. He quickly converted most of them into fiat currency to fund a spontaneous trip. The remainder? Spent on video games.
Years later, he shared his thoughts with journalists:
“Sure, I could’ve been a millionaire. But the spirit of that transaction mattered more—to use Bitcoin as money, not just an asset. Even though local stores didn’t accept it, I found ways to use BTC online. I even got paid in Bitcoin, Litecoin, and even Dogecoin for freelance gigs.”
For Jeremy, the experience reinforced the idea that cryptocurrencies could be practical tools for everyday transactions—not just speculative assets.
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Beyond Regret: A Shared Philosophy
What’s striking about both men is their consistent attitude: no regret, no obsession with missed wealth. Instead, they emphasize participation, experimentation, and belief in decentralization.
They weren’t thinking about future valuations—they were proving that a digital token could buy real goods. Their actions aligned with Satoshi Nakamoto’s original vision: peer-to-peer electronic cash.
While later generations would come to see Bitcoin primarily as “digital gold” or a store of value, these pioneers treated it like actual currency—spending it freely to validate its purpose.
Why This Transaction Still Matters in 2025
The 10,000 BTC pizza purchase may seem like a quirky anecdote, but it carries deep significance for the crypto ecosystem:
- It marked the first real-world valuation of Bitcoin—establishing that 1 BTC had tangible worth.
- It inspired future adoption, showing that blockchain transactions could extend beyond technical experiments.
- It humanized crypto, turning abstract code into something relatable: hunger, humor, and community.
Today, May 22 is commemorated annually as Bitcoin Pizza Day, celebrated by exchanges, developers, and enthusiasts worldwide. Some even recreate the event by buying pizzas with Bitcoin or giving out small BTC tips.
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Frequently Asked Questions (FAQ)
Q: Did Laszlo Hanyecz lose hundreds of millions by buying pizza with 10,000 BTC?
A: By today’s market standards, yes—the transaction would be worth tens of millions to over $1 billion depending on price fluctuations. However, Laszlo has consistently stated he doesn’t regret it. His goal was to demonstrate Bitcoin’s usability, not to accumulate wealth.
Q: What happened to the 10,000 BTC after Jeremy received them?
A: Jeremy cashed out most of the coins shortly after receiving them to pay for travel and personal expenses. He spent the remainder on digital entertainment like video games. He did not invest or hold the Bitcoin long-term.
Q: Is the original pizza receipt still available?
A: Yes! The transaction is permanently recorded on the Bitcoin blockchain. You can view the details using any blockchain explorer—the transfer from Laszlo to Jeremy occurred on May 22, 2010, and is often referenced during Bitcoin Pizza Day events.
Q: Could someone replicate this kind of transaction today?
A: Absolutely. While no single pizza costs 10,000 BTC today, thousands of merchants globally accept Bitcoin for everyday purchases—from food and travel to software and services. Platforms like OKX make it easier than ever to convert and spend crypto securely.
Q: Why do people still talk about this event over a decade later?
A: Because it symbolizes the beginning of Bitcoin as usable money. Before this, Bitcoin was theoretical. Afterward, it had real-world proof of concept. It’s a foundational story in crypto lore.
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A Legacy Built on Belief, Not Billionaires
Neither Laszlo nor Jeremy became wealthy from this transaction—but both gained something rarer: a permanent place in financial history. They weren’t chasing riches; they were building a future where money could be decentralized, borderless, and user-controlled.
Their story reminds us that innovation often begins with simple acts—like ordering dinner online. And while the world now sees Bitcoin as a transformative asset class, its roots remain delightfully human: two people testing an idea, sharing a laugh, and unknowingly launching a global movement.
As adoption grows and new users enter the space, remembering this moment helps preserve the original spirit of cryptocurrency—not just as an investment vehicle, but as a tool for freedom, experimentation, and everyday utility.