Key Points
- Fourteen years ago, a Florida man paid 10,000 Bitcoin (BTC) for pizza, marking the start of Bitcoin’s real-world use.
- The Bitcoin Pizza Day anniversary is celebrated by crypto enthusiasts globally, with events and giveaways.
Today, we commemorate the day a Florida man made history by purchasing pizza with 10,000 Bitcoin (BTC) fourteen years ago. If he had held onto the Bitcoin, he would be a billionaire in today’s market. His purchase, however, marked the beginning of Bitcoin’s practical application.
Bitcoin’s Initial Practical Application
On this day in 2010, Laszlo Hanyecz, a programmer based in Florida, proposed to pay 10,000 BTC for two large pizzas from Papa John’s. This transaction is recognized as the first significant real-world purchase using Bitcoin.
Hanyecz’s offer was instantly accepted by a British man, also a Bitcoin enthusiast. He delivered the pizzas, valued at $25, and received 10,000 BTC, which was worth a mere $41 at the time. Since then, the market value of Bitcoin has significantly increased, with a unit currently valued at around $70,000.
The Value of Bitcoin Over Time
By today’s standards, Hanyecz’s 10,000 BTC would be worth approximately $700 million. The value of Bitcoin has been significantly influenced by a series of halving events. The first of these occurred on November 28, 2012, reducing the mining reward from 50 BTC to 25. At that time, Bitcoin’s price was only $12.
Subsequent halving events further reduced the mining reward and increased the price of Bitcoin. The most recent halving occurred on April 19, 2024, reducing the mining reward to 3.125 Bitcoin, with prices fluctuating between $60,000 and $70,000.
Bitcoin Pizza Day Celebrations
Despite the enormous potential loss, Hanyecz is proud of his contribution to Bitcoin’s history. His transaction is legendary in the crypto ecosystem, and hence, Bitcoin Pizza Day is celebrated. Various organizations host events and giveaways to mark this anniversary.
For example, Bitget, a leading cryptocurrency exchange and Web3 company, hosts a series of global events, uniting crypto enthusiasts, innovators, and traders. Meetups were held in multiple cities, including Bueno Aires, Brisbane, Sao Paulo, and Taipei, with top personalities like Steve Chen, the former founder of YouTube, in attendance.
To celebrate Bitcoin Pizza Day, Bitget partnered with Domino’s Pizza as the pizza supplier for its Sao Paulo event. In South Africa, Binance Africa drove the “#BinancePizza truck” around the city, gifting boxes of pizza to the community.
