The story behind Bitcoin Pizza Day: From Pizza to Digital Asset Milestone

In the history of virtual assets, one transaction changed everything. On May 22, 2010, American software engineer Laszlo Hanyecz exchanged 10,000 bitcoins for 2 pizzas. This seemingly ordinary transaction became a groundbreaking moment in cryptocurrency. Today, the historical significance of this pizza transaction far exceeds anyone’s imagination at the time. Bitcoin Pizza Day was created to commemorate this milestone.

The Legendary Transaction of 2010

The story begins on May 18, 2010. Hanyecz posted on an online forum, proposing a bold idea: he was willing to exchange 10,000 bitcoins for delivery of 2 pizzas. At that time, Bitcoin had just been introduced, and most people knew nothing about its value. When he posted, he even mentioned that he wanted to save himself the trouble of ordering and directly use Bitcoin for the exchange.

A few hours after the post, someone replied that at the time, 10,000 bitcoins were worth about $41 online—that is, you could buy 10,000 bitcoins for $41. The actual retail price of 2 pizzas was about $25. Surprisingly, even after Hanyecz increased the reward, by the evening of May 21, no one was willing to accept the deal. Hanyecz even questioned himself in the post, asking, “Is 10,000 bitcoins too little?”

Just when everyone thought this idea would end there, a turning point appeared. On the evening of May 22, around 7 p.m., Hanyecz replied to a comment saying the transaction was completed successfully. He had received 2 pizzas through user Jercos, and exchanged them for 10,000 bitcoins. This was the first official physical goods transaction in Bitcoin history. Since then, May 22 has been designated as “Bitcoin Pizza Day” by the global crypto community to commemorate this historic moment.

Sixteen Years of Explosive Growth: The Legend of 10,000 Bitcoins’ Appreciation

Time flies. From the pizza transaction in 2010 to today, 16 years have passed. The historical value of that transaction has been vividly demonstrated over the years.

Back then, 10,000 bitcoins were worth only $0.0041. According to the latest data, as of January 21, 2026, Bitcoin’s price has reached $89,960, with a 24-hour increase of +0.32%. This means that if Hanyecz had not spent those 10,000 bitcoins and had held onto them until now, this asset would have appreciated by over 21,940,000 times.

The contrast in these numbers is astonishing. The “cost” of 2 pizzas was only $25 back then, but the 10,000 bitcoins used to buy those pizzas have appreciated to nearly $900 million in value after 16 years. Although we cannot verify whether Jercos ultimately held onto those 10,000 bitcoins long-term, regardless, this transaction has become an eternal reference point for value.

Creating Value Through Circulation: The Deeper Meaning of Bitcoin Pizza Day

Someone once lamented on Reddit that Jercos might have sold those 10,000 bitcoins at a lower price, missing out on greater appreciation. But such an evaluation ignores the core significance of Bitcoin Pizza Day.

As many industry insiders point out, “Circulation is what gives true value.” If Laszlo Hanyecz had not dared to attempt this transaction, and no one was willing to exchange Bitcoin for pizza, what would Bitcoin be today? It might still be just a string of code, a purely mathematical experiment, rather than the widely recognized digital asset it is now.

The true value of Bitcoin Pizza Day lies not in how many times those 10,000 bitcoins have appreciated, but in the precedent it set—proving that Bitcoin can move from pure theory to practical application, from virtual asset to commercial exchange. It was this pizza transaction that first gave Bitcoin “market recognition,” making intangible virtual currency capable of physical exchange for the first time.

From this perspective, Bitcoin Pizza Day records not only the birth of a transaction but also the first step toward practicality for the entire cryptocurrency ecosystem. It reminds us that sometimes, the most pivotal moments in history begin with the simplest ideas.