Every year on May 22, the cryptocurrency community celebrates a unique event known as Bitcoin Pizza Day. But what is Bitcoin Pizza Day and why is it so important?
The History of Bitcoin Pizza Day
Bitcoin Pizza Day commemorates the very first “real world” transaction ever made with bitcoin (BTC). On this day in 2010, computer programmer Laszlo Hanyecz made history. He did something unique; he paid for two pizzas from Papa John’s with 10,000 bitcoins, which was equivalent to about $41 at the time.
In a now legendary post on a Bitcoin forum, Hanyecz offered 10,000 bitcoins for two pizzas. Finally went Jeremy Sturdivant accepted the offer and the first ‘real’ transaction with BTC was a fact!
Why Bitcoin Pizza Day is important
Bitcoin Pizza Day is important for several reasons. First, it demonstrated the practicality of bitcoin and proved that this then-new digital currency could be used for typical transactions, setting a precedent for countless transactions to follow.
Furthermore, it is an important benchmark in the evolution of the value of bitcoin. With the current bitcoin price, those two pizzas would cost a fortune, depending on the sometimes wildly fluctuating value of BTC. This underlines the huge price increase of the crypto in a relatively short period of time.
Bitcoin’s value on previous Bitcoin Pizza Days
Since the start of Bitcoin Pizza Day, enthusiasts have been able to observe the astonishing rise in Bitcoin’s value. In 2011, one year after Hanyecz’s purchase, Bitcoin was worth about $7. By Bitcoin Pizza Day 2015, 1 BTC was worth about $240, and by 2020, Bitcoin’s value had risen to over $9,000.
At the time of writing, the price of bitcoin is around $27,000. With that, Hanyecz’s two pizzas would now be worth a paltry $270 million.
Interesting facts about Bitcoin Pizza Day
Perhaps the most entertaining aspect of Bitcoin Pizza Day is Hanyecz himself. Despite the extraordinary increase in value of his 10,000 bitcoins, Hanyecz has no regrets. In multiple interviews, he has stated that he is proud to have been a part of Bitcoin’s history.
Another interesting fact: the Twitter account @bitcoin_pizza tracks the current value of Hanyecz’s pizzas, providing an impressive picture of bitcoin’s growth. Unfortunately, the account seems to have run into problems. At the time of writing, the latest update was published on April 14.