Crypto Gloss

Bitcoin Pizza Day

On May 22, 2010, Florida programmer Laszlo Hanyecz completed the first documented real-world commercial transaction using Bitcoin — paying 10,000 BTC (worth approximately $41 at the time) for two large Papa John’s pizzas arranged via the BitcoinTalk forum — a purchase that would have been worth over $690 million at Bitcoin’s 2021 all-time high and is now commemorated annually as Bitcoin Pizza Day, the most famous illustration of early cryptocurrency’s tentative steps toward becoming actual money.

The Story

Hanyecz, a GPU Bitcoin miner who had accumulated significant BTC through mining, posted on BitcoinTalk on May 18, 2010, offering to pay 10,000 BTC for two pizzas. A 19-year-old British user named Jeremy Sturdivant (“jercos”) accepted, ordered two large pizzas for approximately $25, and had them delivered to Hanyecz. Sturdivant later spent the 10,000 BTC on travel. Hanyecz confirmed the successful transaction on the forum:

> “I successfully traded 10,000 bitcoins for pizza.”

Why It Matters

Bitcoin Pizza Day is more than a fun anecdote:

  1. Bitcoin as currency — Before this transaction, Bitcoin had only been traded between users or given away. This was the first time BTC was exchanged for a tangible good from a third party.
  2. Price discovery — The $41 implied valuation (~$0.0041 per BTC) established an early real-world price benchmark.
  3. Cultural resonance — The “never spend your Bitcoin” meme traces directly to this event. Hanyecz himself has consistently said he doesn’t regret it — the transaction served its purpose.

Annual Celebration

May 22 is observed annually as Bitcoin Pizza Day in the crypto community:

  • Pizza restaurants offer Bitcoin payment deals and crypto discounts
  • Coinbase, Kraken, and other exchanges run promotional campaigns
  • The Bitcoin community debates annually whether Hanyecz “wasted” the coins (he pushes back on this framing)

Hanyecz’s Later Role

Hanyecz is also credited with developing early GPU mining code for Bitcoin in 2010, dramatically accelerating mining speeds over CPU mining. Satoshi Nakamoto discouraged this at the time, concerned it would centralize mining — a prescient worry given today’s ASIC-dominated mining pools.

In February 2018, Hanyecz made a second Bitcoin pizza purchase via the Lightning Network — buying two pizzas for 0.00649 BTC (~$62 at the time), demonstrating the Lightning Network’s practical usability.

History

  • May 18, 2010 — Laszlo Hanyecz posts on BitcoinTalk offering 10,000 BTC for two pizzas
  • May 22, 2010 — Jeremy Sturdivant (“jercos”) delivers the pizzas; Hanyecz confirms the trade on the forum; the first documented real-world Bitcoin transaction completes
  • February 2018 — Hanyecz purchases pizza via the Lightning Network for 0.00649 BTC; the second famous pizza purchase
  • 2019–present — Bitcoin Pizza Day becomes an annual community celebration; increasingly used by exchanges as a marketing occasion

Common Misconceptions

  • “Hanyecz wasted his Bitcoins.” — Hanyecz has consistently stated he doesn’t regret the transaction; the purchase demonstrated Bitcoin’s utility as money, which was his explicit goal. At the time, he was mining new BTC regularly.
  • “10,000 BTC was worth $690 million.” — This is only true in hindsight at Bitcoin’s 2021 all-time high. At the time of the transaction, 10,000 BTC were worth approximately $41.

Social Media Sentiment

  • r/Bitcoin / r/CryptoCurrency: Bitcoin Pizza Day posts reliably reach the front page on May 22 every year; the subreddits split between celebrating the milestone and lamenting what 10,000 BTC would be worth now.
  • X/Twitter: Annual trending topic on May 22; exchanges and projects use it for promotional content; Hanyecz occasionally engages with media.
  • Discord (crypto communities): Treated as a community holiday; many servers post the story and current BTC price as a humorous reminder.

Last updated: 2026-04

Related Terms

See Also

  • Bitcoin — the asset that Hanyecz paid and whose history the transaction is foundational to
  • Lightning Network — the payment layer Hanyecz used in his 2018 sequel pizza purchase
  • Laszlo Hanyecz — the programmer who made both famous pizza purchases and developed early GPU mining

Sources