BTC at $100K: The $1 billion pizza that started it all
How a 2010 trade for two pizzas became a billion-dollar milestone in crypto history
Would you rather have two pizzas today or $1 billion after 14 years?
It may sound absurd, but this is the true story of one of the most iconic moments in Bitcoin’s history.
Fourteen years ago, an early Bitcoin adopter gave up a fortune in exchange for two pizzas. What seemed like a small transaction at the time turned out to be a billion-dollar decision.
In May 2010, Laszlo Hanyecz made cryptocurrency history by trading 10,000 BTC for two pizzas. Back then, Bitcoin was so undervalued that his holdings were worth just $41. Hanyecz posted his offer on a Bitcoin forum, seeking someone willing to deliver the pizzas in exchange for the digital currency. Days later, he confirmed the deal, receiving two Papa John’s pizzas in return.
Reflecting on this in a 2019 interview with 60 Minutes, Hanyecz remarked that he thought it would be "cool" to use Bitcoin for something tangible, like food. “At the time, it wasn’t worth anything,” he said, acknowledging the humor others find in the story today.
This transaction is now celebrated annually as Bitcoin Pizza Day on May 22, commemorating the first documented use of Bitcoin as a medium of exchange. Around the globe, Bitcoin enthusiasts mark the occasion with events, discounts, and promotions encouraging payments in BTC.
10,000 BTC in today’s market
Fast forward to today, with Bitcoin surpassing $100,000 for the first time. Those 10,000 BTC are now worth an astounding $1 billion.
This milestone highlights the meteoric rise of Bitcoin. In its early days, a $100 valuation seemed like a stretch, and $1,000 felt unimaginable. Now, Bitcoin’s six-figure milestone underscores its growing legitimacy in mainstream finance.
Shane Oliver, an economist from AMP Sydney, noted that Bitcoin's resilience over the years has made it increasingly hard to dismiss. “The longer it survives, the more seriously it is taken,” he told Reuters.
More than just pizza
Beyond the legendary pizza transaction, Hanyecz made other significant contributions to Bitcoin's development. He was among the first to adapt Bitcoin’s code for Apple’s operating system, making it more accessible. He also actively shared his knowledge on BitcoinTalk, helping the nascent community grow.
While Bitcoin's journey to $100,000 reflects its immense potential, the pizza story serves as a reminder of its humble beginnings. From being a niche experiment to a trillion-dollar asset, Bitcoin has no shortage of milestones—and no shortage of surprises ahead.
Max Keiser summed it up best: "Bitcoin has no top because fiat has no bottom."
