Bitcoin's Infamous Pizza Purchase: A Historical Overview

According to Cointelegraph, the purchase of two Papa John's pizzas by programmer Laszlo Hanyecz in 2010 for 10,000 Bitcoin (BTC) has become a legendary event in the cryptocurrency world. At today's market prices, those pizzas would be worth over $978 million. This transaction is widely recognized as the first commercial use of Bitcoin. In a 2019 interview with CBS' 60 Minutes, Hanyecz shared his experience of the transaction. He posted an offer on a forum, proposing to exchange 10,000 Bitcoin for pizza. Someone accepted the offer, and after Hanyecz transferred the Bitcoin, the pizzas were delivered to his door. This transaction has since become a meme within the crypto community, as Bitcoin's value has surged dramatically over the years. The event, celebrated annually as 'Pizza Day' on May 22, marks a significant moment in Bitcoin's history. On May 22, 2016, the 10,000 BTC used for the pizzas, initially worth $41 in 2010, had appreciated to approximately $4.4 million. By Pizza Day 2018, the value had increased to around $41 million, reflecting a tenfold rise since 2016. In 2020, Bitcoin's price reached new peaks, and the 10,000 BTC represented an opportunity cost exceeding $80 million. By Pizza Day 2022, this opportunity cost had grown to over $300 million. However, the bear market of 2023 marked a reversal in this trend, with the value of the 10,000 BTC dropping to approximately $268 million. Despite this downturn, industry experts and analysts are optimistic about Bitcoin's future. They are projecting a price target of $180,000 per Bitcoin by 2025, which could elevate the opportunity cost of the 10,000 BTC to nearly $2 billion by Pizza Day 2025.