For those involved in the cryptocurrency world, May 22 holds particular significance. This day is known as Bitcoin Pizza Day, marking the first recorded purchase of goods with Bitcoin. The items purchased, interestingly enough, were two pizzas from Papa John’s.
In 2010, Laszlo Hanyecz spent 10,000 Bitcoins for this order, a transaction that would later be viewed as a pivotal moment in the history of digital currency.
A Transaction that Grew in Value
The worth of the two pizzas underwent an astonishing transformation in the years following the transaction. Nine months after the purchase, the Bitcoin equivalent had grown to $10,000. By 2015, this figure had climbed to $2.4 million. At Bitcoin’s peak in 2021, the value of the two pizzas had soared to an unimaginable $630 million.
To understand the significance of this event, it’s crucial to go back to the roots of Bitcoin. In 2012, the reward for mining a new block was 50 BTC. Given the relatively small number of people engaged in Bitcoin mining at that time, earning 10,000 BTC by mining 200 blocks was not as challenging as it would be today.
The Story Behind the Slice
On May 18, 2010, Hanyecz announced on the Bitcointalk.org forum his intention to buy pizza using Bitcoin. He offered 10,000 BTC for the service of ordering, collecting, and delivering two large pizzas. His request was fulfilled four days later, on May 22, when someone accepted his offer and made the delivery. This event marked a significant moment in the use of Bitcoin for real-world transactions.
If Hanyecz had chosen to retain his Bitcoin and sold it at the highest recorded value of $68,990, he would have earned approximately $690 million. That’s an amount equivalent to the cost of 46 million large Papa John’s pizzas.
An Event Worth Commemorating
Despite the potential regret of such a transaction, Hanyecz’s pizza purchase is celebrated annually on May 22 as Bitcoin Pizza Day. This event symbolizes Bitcoin’s potential as a medium of exchange in the real world.
As we approach May 22, we invite you to acknowledge Bitcoin Pizza Day. Whether you’re a student exploring the concept of Bitcoin or a seasoned investor in cryptocurrency, this day serves as a reflection on the evolution and potential future of digital currency.
What is Pizza DAO and what does BTC Pizza Day 2023 look like?
Rare Pizzas is a project founded by the decentralized autonomous organization PizzaDAO. PizzaDAO is a global community of artists, creators, and pizza lovers who believe that pizza shud be free. They come together every year to make this dream a reality at pizzerias all over the world on May 22nd, for BTC Pizza Day – where they sponsor pizza at locations all around the world so the blockchain community can get together, grab a slice, and share some awesome moments.
College DAO is working with PizzaDAO for the 3rd annual Global Pizza Party at 20+ locations out of the over 120 parties around the world, including major blockchain epicenters like Singapore, New York City, Miami etc.
Join us and find a Pizza Party that’s the closest to you – https://www.globalpizzaparty.xyz
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