Why is Bitcoin Pizza Day celebrated?

You might have heard the legendary Bitcoin pizza story before, but this article will explain all details about what actually happened in that exchange, and why it is celebrated every year.

What is Bitcoin Pizza Day?

22 of May 2010 started like any other day until a man named Laszlo Hanyecz decided to eat some pizza. So, he goes to Papa John’s orders two pies, and asks to pay in Bitcoin, which was an alien currency at the time. Unsurprisingly, his request is denied.

But that does not stop Laszlo. He proceeds to ask the question on the Bitcoin forum, offering “10,000 bitcoins for a couple of pizzas”. Rather quickly, someone by the name of Jeremy Sturdivant, a British 19-year-old, accepts the coins and personally delivers him two large pizzas that he purchased with cash. The exchange was simple and fair. Back then, 10,000 BTC were worth around $41, and Sturdivant had paid $25 for the pizzas. What a great profit! If only he knew what could come of that…

How much is 10,000 BTC worth now?

The question on everyone’s minds upon reading this story is probably: just how much are those coins worth now? Since all of us know that a singular coin is worth tens of thousands of dollars, all those zeros mean that the pizzas were paid with an unknown fortune.

You would be correct to think that! With the Bitcoin price fluctuating around $20,000 in the second half of 2022, the coins that the man received for buying and delivering the pizzas would be worth around $200 million today, and even $650 million in November 2021 when the coin reached its highest price ever.

So, why does this day matter?

This event is very significant because it marks the first recorded purchase of a physical good using cryptocurrency. In addition, it signals that cryptocurrency has value and will slowly but steadily keep growing in price over the years.

Since then, every year on May 22, fellow crypto fans celebrate this historic day by buying or cooking two pizzas and sharing them with others in the community. Moreover, some pizza restaurants also have joined the tradition and are offering discounts or special offers to customers who pay in Bitcoin.

And, if you are curious about how the story ends: Hanyecz, born in Jacksonville, Florida, is currently an IT employee at a company that manufactures backpacks and accepts Bitcoin as a payment method. Laszlo himself claims that he does not regret the transaction and that he is happy to be the person to give Bitcoin a push in the right direction.

On the other hand, Sturdivant admits that he sold the coins to cover some travel expenses soon after receiving them and that not saving the Bitcoins was a big regret in his life. However, he also said that, at the time, he was simply doing a good deed and did not expect to get rich off of it.

For more Bitcoin stories and news, check out this digital currency news website.

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