May 22, 2024, 4 AM | Read in 2 minutes
May 22, a legendary day in the cryptocurrency world, is celebrated as follows: Bitcoin (Crypto: BTC) Pizza Day. Today, this valuable digital currency, currently worth thousands of dollars, was used for commercial purposes for the first time.
what happened: Almost 14 years ago, Florida-based software developer Laszlo Hanecz unwittingly gave the crypto community a momentous day when he paid 10,000 Bitcoins for two pizzas. Papa John's International Co., Ltd. (NASDAQ:Pizza).
This historic conversation has been safely archived on the Bitcoin forum, revealing details of how the events unfolded.
On May 18, 2010, Hanietz wrote, “I'll pay 10,000 Bitcoins for two pizzas…like two larger ones so I can save some for the next day.”
His call was answered, and four days later he updated the forum that he had “successfully traded” 10,000 Bitcoins for two pizzas.
According to forum conversations, the value of one Bitcoin on that historic day was $0.0041, with the total purchase amounting to $41.
Why is this important: Here we are in 2024, and Bitcoin has evolved from a then-obscure digital currency to one of the world's most valuable assets, as of this writing, according to data from Benzinga Pro. One unit is worth $70,000.
This makes the two pizzas worth nearly $700 million, making them the most expensive pizzas ever made.
The king of cryptocurrencies has exploded a staggering 17,073,170 times in 14 years. This is an unprecedented feat in modern financial history.
With Bitcoin's valuation expected to reach millions of dollars in the coming years, this symbolic date will continue to serve as an important reminder of the cryptocurrency's humble beginnings.
Papa John's stock was trading 0.35% higher in post-market trading.
Read next: Bitcoin Pizza Week: The virtual currency you spent on two delicious pies 14 years ago can now buy Jeff Bezos' yacht and Elon Musk's jet – as long as you have spare change!
Photo credit: Shutterstock
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