May 22nd may not seem special to regular folks, but to the Bitcoin community, the day has a very interesting story behind it.
Who Is Laszlo Hanyecz?
On May 22nd, 2010, a programmer named Laszlo Hanyecz logged onto Bitcointalk forum and wrote: “I’ll pay 10,000 bitcoins for a couple of pizzas.. Like maybe 2 large ones so I have some leftover for the next day.” Hanyecz said that whoever decides to take him up on the offer could either make the pizza themselves or order it from a delivery place. He said he wanted the experience to be like ordering a breakfast platter at a hotel. In the end, two pizzas were delivered to Hanyecz’s house for $45.
Why This Event Was Significant?
It Was The FIRST Thing Purchased With Bitcoin
While this may not seem like such a big deal today because bitcoin transactions are being made all the time, but back in 2010 when Bitcoin was only a little bit over a year old, this transaction was a very big deal. This is because a monetary value was set for each bitcoin. From that day on, bitcoin was no longer just an internet experiment created by a pseudonymous person that had no real value.
How Much Is The Bitcoin Pizza Worth Today ?
Over $500 million!
When Hanyecz purchased the two pizzas for $45, the monetary value of bitcoin was essentially set at $0.0045 each. Since then, the price of Bitcoin has risen dramatically. If we make that calculation today, with the value of each bitcoin at over $50,000, the same amount of bitcoins would be worth over $500 million! This means Hanyecz spent $500 million to buy two pizzas!
Despite this astronomical rise in bitcoin’s price, Hanyecz says that he doesn’t regret making the purchase. In an interview with the New York Times, he said that «It wasn’t like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool.»
Bitcoin Pizza Day
To commemorate this day, the Bitcoin community named May 22nd Bitcoin Pizza Day. At Phemex, we would also like to do something to thank Laszlo Hanyecz, which is why we are holding an event of our own, Join “Where’s Pizza Guy”, help us find Laszlo Hanyecz, and win a prize pool of $10,000 USD worth of BTC!