Bitcoin Pizza Day: What Is It?

On May 22, people all across the world celebrate Bitcoin Pizza Day. This day is significant among crypto aficionados because Bitcoin, the world’s oldest and most valuable cryptocurrency, was used to purchase a real-world product for the first time. Cryptocurrency enthusiasts refer to May 22, 2010, as “Bitcoin Pizza Day” because Floridian programmer Laszlo Hanyecz paid 10,000 Bitcoins to have two Papa John’s pizzas delivered to him. So put, pizza was the first real-world item purchased with Bitcoin. Let us try to comprehend its history and significance in this explainer and briefly examine what industry professionals have to say about it.

The History of Bitcoin Pizza Day:

The first Bitcoin halving occurred in 2012, and on May 18 of that year, Hanyecz declared on the Bitcointalk.org forum that he wanted to buy two large pizzas with Bitcoins. Furthermore, he declared that he would give away 10,000 Bitcoins to anyone who would order, collect, and bring them to him personally.

The pizzas were brought to him, but the identity of the person who accepted Hanyecz’s remained a mystery for quite some time. Later, it was discovered that Jeremy Sturdivant, 19, accepted the order, purchased the pizzas from Papa John’s, and had them delivered to Hanyecz.

Hanyecz stated in a 2019 interview with CBS, “The transaction made [Bitcoin] real for some people.” So it did for me.” To honor the occasion, the global crypto community observes May 22 as ‘Bitcoin Pizza Day’ each year.

How much are the two pizzas worth today?

On May 22, 2010, the two pizzas were valued at 10,000 Bitcoins, or about $41. Notably, the value of the two pizzas climbed to $2.4 million in 2015, and the price of each Bitcoin eventually reached roughly $63,000 per token in 2021. Therefore, they considered that those two Papa John’s pizzas are now valued at approximately $630 million.

Reactions From Crypto Community on Bitcoin Pizza Day:

“Bitcoin Pizza Day symbolizes the incredible journey of cryptocurrencies, from a humble transaction to a global phenomenon,” Mudrex CEO and co-founder Edul Patel told ABP Live. It reminds us of digital assets’ enormous growth potential and revolutionary impact in determining the future of finance.”

“On this day in 2010, Bitcoin made its inaugural practical use, establishing a model for subsequent crypto applications,” said Ashish Singhal, CEO and co-founder of CoinSwitch. Before this episode, cryptocurrency existed theoretically, without evidence of its ability to conduct real-world commerce. Nonetheless, Hanyecz’s choice to exchange 10,000 Bitcoins for two pizzas demonstrated crypto’s potential as a medium of exchange.”

“Bitcoin Pizza Day celebrates the historic purchase of two pizzas for 10,000 Bitcoin,” stated WazirX Vice President Rajagopal Menon. With this single transaction, Bitcoin was changed from magic Internet money’ to something with monetary value. It is a yearly reminder of blockchain technology’s transformational power and unanticipated repercussions.”