Bitcoin Pizza Day is a Slice of Crypto History That Still Has Lessons to Teach
From Pizza to Protocols—Why May 22nd Still Matters in Crypto
Every community has its origin story. For the crypto crowd, it comes with pepperoni and extra cheese.
May 22nd, 2010 marks the day Laszlo Hanyecz, a Florida-based programmer and early Bitcoin contributor, made the first-ever real-world purchase using Bitcoin. The now-infamous trade? 10,000 BTC for two large pizzas. At the time, it was worth about $41. Today? That same amount of Bitcoin would fetch you over $680 million—and maybe your own private island (or three).
But Bitcoin Pizza Day isn’t just a trivia tidbit. It’s a reminder that before crypto became synonymous with venture capital, moon memes, and legislative hearings, it was just an idea—one that needed a real-world test.
Two Pizzas That Proved a Point
Let’s rewind. In May 2010, Hanyecz posted on Bitcointalk.org:
“I’ll pay 10,000 bitcoins for a couple of pizzas … like maybe 2 large ones so I have some left over for the next day.”
That offer was picked up by Jeremy Sturdivant, an 18-year-old from the U.K., who paid around $25 out-of-pocket to have two Papa John’s pizzas delivered to Hanyecz’s home in Florida.
The transaction itself wasn’t processed through a merchant accepting Bitcoin. It was a peer-to-peer trade, coordinated on forums and completed via IRC—primitive by today’s standards, but groundbreaking at the time. The 10,000 BTC payment was recorded in block 57,043 with a transaction fee of 1 BTC tacked on, bringing the total to 10,001 BTC.
Why It Mattered Then (and Still Does Today)
While the crypto world often celebrates the massive hypothetical gain Hanyecz missed, his intent wasn’t investment—it was validation.
Hanyecz was one of Bitcoin’s earliest contributors, and he understood that for any currency—digital or otherwise—to succeed, it had to work as a medium of exchange. Not just a white paper. Not just a balance on a wallet. But something you could actually trade for something else.
“It wasn’t like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” Hanyecz later said.
“You can’t say it’s going to be a real currency if no one’s using it.”
In other words, he didn’t just buy a pizza. He proved a thesis.
A Price That Keeps Rising—and a Story That Keeps Giving
Since that day, the price of Bitcoin has climbed to heights few imagined. By 2015, the pizzas were worth $2.4 million. By 2020, nearly $100 million. And by May 2024, over $690 million.
The transaction is often labeled the “most expensive pizza purchase in history.” But Laszlo Hanyecz has been consistently good-humored about it. He’s never expressed regret, and in interviews has emphasized that the milestone was worth it.
“It’s not productive to think like that,” he said of the potential windfall.
“I wanted to do my part to help make Bitcoin real.”
That attitude has stuck with him. Years later, he became the first person to buy a pizza using the Bitcoin Lightning Network, continuing his tradition of putting theory into practice.
The Rise of Bitcoin Pizza Day as a Cultural Event
Today, May 22nd isn’t just a nostalgic footnote—it’s a widely celebrated holiday in crypto circles.
Crypto companies host pizza parties. Bitcoiners organize meetups. It’s a day of memes, memories, and market commentary. But behind the fun lies a deeper significance: the reminder that everything in crypto began with a leap of faith and a slice of pizza.
Bitcoin Pizza Day represents a kind of cultural glue—a shared origin story for an industry that’s now fragmented across protocols, platforms, and philosophies.
Spend or HODL? A Debate That Still Rages
Laszlo Hanyecz’s decision to spend 10,000 BTC puts him at odds with another dominant crypto philosophy: HODL—“Hold On for Dear Life.” In a space where many believe in holding for maximum long-term value, Hanyecz was—and still is—a rare breed of utility-first advocate.
His actions helped prove that Bitcoin could be used, not just stored. And that’s important context in today’s regulatory landscape, where the line between “commodity,” “security,” and “currency” is constantly debated.
Sometimes, demonstrating usability is more powerful than any white paper or market cap.
The Forgotten Hero? Jeremy Sturdivant’s Side of the Story
Let’s not forget the other half of the transaction: Jeremy Sturdivant, the teenager who accepted the 10,000 BTC. What did he do with them?
He spent them. Traveled. Bought gear. Lived his life.
Like Hanyecz, he doesn’t express regret. “The coins had little value then,” he once said. “Nobody knew what it would become.”
Their shared attitude is a reminder of a time when Bitcoin wasn’t an investment strategy—it was an experiment.
From Pizzas to Protocols: What It Means for Today’s Crypto Businesses
So what does Bitcoin Pizza Day mean for crypto professionals, founders, and compliance teams today?
It’s a reminder that:
• Utility matters.
• Innovation starts with risk-taking.
• Cultural moments are powerful.
• And sometimes, the most impactful decisions don’t start in boardrooms—but in online forums and casual experiments.
As crypto matures and enters the regulatory mainstream, these lessons are more important than ever. The tech may evolve. The price may swing. But the spirit of proving what’s possible? That’s forever part of the DNA.
Reflect, Celebrate, and Prepare
At BitAML, we’re all for celebrating Bitcoin Pizza Day. But we’re also here to help crypto businesses do what Hanyecz did—turn ideas into action.
Whether you’re building something new, navigating regulation, or scaling with caution, we’re here to help you write your slice of crypto history. Schedule a complimentary discovery call with our team. Let’s make sure your compliance strategy is ready for Bitcoin’s next milestone—whatever it may be.
