The $700 Million Pizza: How Laszlo Hanyecz Spent 10,000 Bitcoin on Two Pies
It was a Tuesday evening in Jacksonville, Florida. Laszlo Hanyecz, a 28-year-old software developer, was hungry and feeling adventurous. He had spent weeks mining a relatively obscure digital currency called Bitcoin on his home computer. He had accumulated a stash of 10,000 coins. They had almost no market value. No one had ever bought anything with them. Laszlo wanted to change that.
Quick Answer
On May 22, 2010, programmer Laszlo Hanyecz paid 10,000 Bitcoin for two Papa John's pizzas. This historic event was the first recorded real-world transaction using Bitcoin as a medium of exchange, proving that decentralized digital currency could hold actual commercial value.
💡 Key Takeaways
- On May 22, 2010, Laszlo Hanyecz paid 10,000 Bitcoin for two Papa John's pizzas.
- This was the first recorded real-world transaction using Bitcoin as a medium of exchange.
- The transaction established the first market price for Bitcoin (roughly $41 at the time).
- May 22 is now celebrated globally by the crypto community as 'Bitcoin Pizza Day'.
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He opened a forum called BitcoinTalk.org and posted a now-legendary message: "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."
The Problem: What Good Is Money You Can't Spend?
By May 2010, Bitcoin had existed for just over a year. Satoshi Nakamoto had released the software in January 2009, but the currency had almost no real-world utility. It could be mined and sent between wallets, but you couldn't actually buy anything with it. It existed entirely in the abstract, a concept with no commercial proof of life.
Laszlo understood the problem instinctively. "I just thought it would be cool if I could say I paid for something with Bitcoin," he later told the Bitcoin Foundation. He was not trying to get rich. He was trying to prove a point: that Bitcoin was real money, capable of real transactions.
The value of 10,000 BTC at the time? Approximately $41 USD. Less than a typical grocery run. Today, it's enough to buy the grocery store.
The Discovery: A Volunteer Steps Up
Laszlo's forum post sat unanswered for four days. Then a 19-year-old from London named Jeremy Sturdivant — known online as jercos — saw the offer and decided to take it. He called a local Papa John's in Jacksonville on Laszlo's behalf, ordered two large pizzas, and had them delivered to Laszlo's home. In exchange, Laszlo transferred 10,000 BTC to Jeremy's Bitcoin wallet.
The transaction was recorded on the Bitcoin blockchain on May 22, 2010 at 6:17 PM. History had been made. It was the first time in recorded history that Bitcoin had been used to buy a physical product.
| Metric | May 22, 2010 | Modern Day Peak |
|---|---|---|
| Value of 10,000 BTC | ~$41.00 | ~$700,000,000+ |
| Cost per Pizza | 5,000 BTC | 0.0003 BTC |
| Network Adoption | A few hundred hobbyists | Hundreds of millions of users |
How the Transaction Actually Worked
Laszlo later explained the process step by step, and it mirrors how Bitcoin still works today:
- Mining the coins: Laszlo used his home GPU to mine Bitcoin, solving complex mathematical puzzles to earn new coins as a reward.
- Finding a counterparty: He posted publicly on BitcoinTalk, offering 10,000 BTC to whoever would arrange the pizzas.
- Agreeing on terms: Jeremy and Laszlo agreed on the deal directly, person-to-person, with no intermediary.
- Sending the payment: Laszlo opened his Bitcoin client software, entered Jeremy's wallet address, and broadcast the transaction.
- Confirmation: The Bitcoin network confirmed the transaction within minutes, crediting Jeremy's wallet.
The Outcome: A Transaction That Changed Everything
The immediate outcome was modest: Laszlo ate pizza and felt satisfied. Jeremy walked away with 10,000 BTC that he reportedly spent quickly. Nobody involved thought they had done anything particularly significant.
Establishing a Price
But what Laszlo had actually done was provide Bitcoin with something it desperately needed: a price. By establishing that 10,000 BTC was worth two large pizzas — roughly $41 — the transaction created the first real market signal.
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Conclusion: The Legacy of Bitcoin Pizza Day
Every year on May 22nd, the Bitcoin community celebrates Bitcoin Pizza Day. The day serves as a reminder that Bitcoin's path to global adoption is paved by early adopters willing to take seemingly irrational leaps of faith.
Get involved today: Bitcoin's value is built transaction by transaction. Every time you use it to buy, send, or save, you are participating in the same experiment Laszlo started. Secure your own Bitcoin journey by exploring our recommended hardware wallets.
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Sign Up for FreeFrequently Asked Questions
Who bought the first Bitcoin pizza?
Laszlo Hanyecz, a software developer from Jacksonville, Florida, made the first real-world Bitcoin purchase on May 22, 2010. He paid 10,000 Bitcoin to a forum user named Jeremy Sturdivant (jercos), who arranged delivery of two large Papa John's pizzas.
How much were the 10,000 Bitcoin worth when Laszlo bought the pizza?
At the time of the transaction in May 2010, 10,000 Bitcoin were worth approximately $41 USD — about $0.0041 per coin. Those same coins reached a peak value of over $680 million during Bitcoin's all-time high in November 2021.
What is Bitcoin Pizza Day?
Bitcoin Pizza Day is celebrated every year on May 22nd to commemorate the first commercial Bitcoin transaction. It is an unofficial holiday in the cryptocurrency community, marked by pizza discounts, Bitcoin payments at restaurants, and community meetups worldwide.
Does Laszlo Hanyecz regret spending 10,000 Bitcoin on pizza?
No. In multiple interviews, Laszlo has stated he has no regrets. He has said that proving Bitcoin could be used as real money was more important to him than the financial value of the coins, and that the transaction helped legitimize Bitcoin as a currency.
Can you still buy pizza with Bitcoin today?
Yes. Many pizza restaurants and food delivery platforms accept Bitcoin as payment. In 2018, Laszlo himself paid for pizza using the Lightning Network — Bitcoin's fast, low-fee payment layer — completing the full circle from his original 2010 transaction.
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