Bitcoin Celebrates ‘Pizza Day’ as Cryptocurrency Reaches Record Highs
Thursday marked the 15th anniversary of ‘Bitcoin Pizza Day,’ commemorating the first known use of cryptocurrency to purchase real-world goods. On May 22, 2010, software developer Laszlo Hanyecz paid 10,000 bitcoins for two Papa John’s pizzas, a transaction worth about $41 at the time. Today, that amount is valued at approximately $1.1 billion as bitcoin hits record high prices.
The first bitcoin was created in early 2009 by Satoshi Nakamoto, whose identity remains unknown. Hanyecz was an early enthusiast who accumulated thousands of bitcoins through ‘mining,’ a process where computers verify transactions on the blockchain and earn newly minted bitcoins. On May 18, 2010, Hanyecz posted on a bitcoin message board offering 10,000 bitcoins for pizza, specifying his topping preferences. Three days later, he successfully traded his bitcoin for pizza with the help of another enthusiast from California.
This transaction marked a significant milestone in bitcoin’s growth. The cryptocurrency gained popularity, partly due to its use on online black-market sites like Silk Road. Over the years, bitcoin has evolved from an experimental digital currency to a mainstream financial asset. It is now used as a ‘digital gold’ for storing value, with retirement accounts able to buy bitcoin ETFs and companies incorporating it into their treasuries.
As of Thursday morning, bitcoin was trading at about $111,000, a new record, giving it a market cap of over $2 trillion, comparable to Amazon’s market capitalization. Several cryptocurrency companies are celebrating Bitcoin Pizza Day with promotions, including cryptocurrency exchange Bitget, which is giving away pizzas at gatherings worldwide.
The story of Bitcoin Pizza Day serves as a reminder of the cryptocurrency’s remarkable journey from an obscure digital experiment to a significant player in the global financial system. As Hanyecz reflected in 2019, ‘It made it real for some people… I don’t think anyone could have known it would take off like this.’
