(Kitco News) – May 22 holds a special place in the hearts of crypto fans as it has become known as “Bitcoin Pizza Day,” celebrating the historic event in 2010 when Bitcoin (BTC) creator Laszlo Hanyec paid $10,000 in BTC for two Papa John’s pizzas.
Happy Bitcoin Pizza Day! 🍕
On this day in 2010, Laszlo Hanyecz made history by spending 10,000 Bitcoin on two Papa John's pizzas.
It would be worth over $700 million today!
Legendary!👊😉 pic.twitter.com/bXIUF1nJNO
— Bitcoin Archive (@BTC_Archive) May 22, 2024
The incident was recorded on Bitcointalk, and a few days before May 22, 2010, Hanyecz wrote, “I paid 10,000 Bitcoins for two pizzas. Like 2 pizzas. I like having leftover pizza to snack on later.”
Posted by Laszlo Hanyecz, offering to pay 10,000 BTC for two pizzas. Source: BitcoinTalk
Haniec said someone could make it at home and deliver it to him, or he could buy it at a pizzeria and have it delivered to his home in exchange for 10,000 BTC. On May 22, 2010, he posted, “I would like to report that I have successfully exchanged 10,000 Bitcoins for pizza.''
The purchase received little attention at the time, but it marks the significant price increase Bitcoin has experienced over the past 15 years, and now marks an important day of celebration and reflection for the cryptocurrency community.
At the time of the transaction, Bitcoin was still an emerging technology, mainly subject to experimentation by a small number of enthusiasts and developers.
Since then, Bitcoin has proven to be the best-performing financial asset in history. The value of 10,000 BTC was $41 in 2010, but at today's prices he is worth nearly $700 million.
Looking back, that's about $350 million per pizza, or $43.75 million per slice (a Papa John's large pizza has 8 slices), but Bitcoin experienced an unprecedented price increase. Who would have expected it then?
Meanwhile, Bitcoin has become a global phenomenon and is now accepted by millions of businesses and service providers around the world. But it all started with a fateful pizza purchase in 2010. That's why May 22 will forever be known as “Bitcoin Pizza Day” to cryptocurrency believers.
More than just an anecdote or a metaphor, this day is a reminder of the potential of cryptocurrencies to transform the global financial system, upending the status quo of fiat currencies and endless debt issuance.
And with the launch of a spot Bitcoin exchange-traded fund (ETF) in the U.S. earlier this year, the Bitcoin story is just beginning: pension funds and large institutional investors are now getting in on the action, which could propel BTC to $100,000, a price range that was once unthinkable and that many now consider all but inevitable.
Regardless of any underlying assumptions, one fact remains true.
The only solution we have (to any kind of financial crisis) is printing money.
and #bitcoin It is the world's largest liquid sponge.
When the currency depreciates, $BTC Reset the price higher.
$100,000 is unlikely, but it's inevitable.
— Miles Deutscher (@milesdeutscher) April 15, 2024
Today, Bitcoin Pizza Day provides an opportunity for the community to celebrate the past and recognize how far we have come, while also looking optimistically to the future and the new Web3 world that will be built with blockchain technology as its backbone.
At the time of writing, Bitcoin is trading at $70,500, up 1.05% on the 24-hour chart and up 163.3% from Bitcoin Pizza Day 2023, when BTC traded at $26,773.
BTC/USD Chart by TradingView
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