A Journey from 2 Pizzas to 1.1 Billion USD
On May 22, 2010, a seemingly simple yet historically significant event took place.
Earlier, on May 18, 2010, Laszlo Hanyecz, a programmer in Florida, USA, posted on the BitcoinTalk forum, offering 10,000 Bitcoins in exchange for two pizzas from Papa John’s.
Four days later, a man in the UK accepted the offer and had the pizzas delivered to Hanyecz’s house. At the time, 10,000 Bitcoins were worth approximately 41 USD, while the two pizzas cost 25 USD. The image of the pizzas shared on the forum attracted the attention of the nascent digital currency community.
This transaction was not just an interesting anecdote but also marked the first time Bitcoin was used as a real means of exchange, rather than just existing as a technical concept.
Bitcoin had only been around for a little over a year at that point, since Satoshi Nakamoto mined the Genesis Block on January 3, 2009, and received a reward of 50 Bitcoins. However, the actual value of Bitcoin was not yet widely recognized, and Hanyecz’s transaction changed that.
The pizza transaction marked the beginning of a new era. Image: C68. |
Bitcoin’s price journey after this event was remarkable. Just nine months after the “Pizza Transaction,” Bitcoin’s price surged, making the two pizzas equivalent to 10,000 USD. With each halving event – where the reward for mining Bitcoin is reduced by half – Bitcoin’s value continued to soar, from 12 USD in late 2012 to 660 USD by mid-2016, then 8,600 USD by mid-2020, and 70,000 USD by mid-2024.
As of the morning of May 22, 2025, Bitcoin’s price stood at over 110,000 USD per BTC, bringing the value of the 10,000 Bitcoins from the pizza transaction to a staggering 1.1 billion USD.
This growth is not just about numbers but also reflects the growing global attention towards Bitcoin. What started as a small transaction has turned into a symbol, capturing the interest of the media, investors, and the public. Articles, forums, and discussions about cryptocurrency began to spread, fostering the development of the digital currency community.
In retrospect, Laszlo Hanyecz does not regret his transaction. He is proud to have played a part in history and believes that if it wasn’t him, someone else would have eventually done a similar transaction, paving the way for Bitcoin to become a global phenomenon.
The Beginning of the Blockchain Era
Bitcoin Pizza Day is not just about financial value but also signifies the beginning of cryptocurrency as a viable means of payment. Hanyecz’s transaction proved that Bitcoin could be used to purchase goods, sparking the idea of a decentralized financial system.
This event ushered in the blockchain era – the underlying technology of Bitcoin – with the potential to revolutionize various industries, from finance to supply chain management.
The most significant impact of Bitcoin Pizza Day was arguably the birth of the cryptocurrency market. Following this transaction, thousands of other cryptocurrencies like Ethereum, Ripple, and Cardano emerged, creating a diverse ecosystem.
Blockchain technology, with its transparency, security, and decentralization, has been applied in numerous industries. For instance, smart contracts on Ethereum enable transaction automation without intermediaries, while blockchain in supply chains ensures transparency and traceability.
 Laszlo Hanyecz, a Florida-based programmer, used 10,000 Bitcoins to buy two pizzas from Papa John’s in 2010. Image: BTC |
The event also raised awareness about cryptocurrency. Media outlets, from major newspapers to online forums, started covering the story, sparking public interest in Bitcoin’s potential. Large companies like Binance and Coinbase have organized events to commemorate Bitcoin Pizza Day, turning it into a tradition in the digital currency community.
Furthermore, Hanyecz’s transaction proved that Bitcoin is not just an investment asset but also a means of payment, paving the way for innovations like the Lightning Network, which makes Bitcoin transactions faster and cheaper.
In Vietnam, Bitcoin Pizza Day holds a special significance. While cryptocurrency is not officially recognized, Vietnam is one of the countries with a high rate of cryptocurrency adoption, according to Chainalysis reports.
Many cafes and shops in Ho Chi Minh City and Hanoi started accepting Bitcoin and other cryptocurrencies as a form of payment back in the 2010s. Domestic blockchain projects, such as Axie Infinity, put Vietnam on the global map of digital currencies, with millions of players and transactions worth billions of dollars. More recently, SSI has also ventured into this field.
Bitcoin Pizza Day serves as a reminder to the Vietnamese community about the potential of cryptocurrencies but also underscores the importance of risk management due to the market’s high volatility.
The event also offers a lesson in long-term vision and innovation. Hanyecz’s decision to use Bitcoin to buy pizza was a bold move at the time, demonstrating that innovation can drive the adoption of new technology.
However, Bitcoin’s meteoric rise is also a reminder of the volatility of the cryptocurrency market. Investors need to have a risk management strategy, especially given Bitcoin’s wild price swings. For instance, Bitcoin plummeted from a high of 61,000 USD/BTC in November 2021 to 16,000 USD/BTC in December 2022.
Meanwhile, regulations regarding cryptocurrencies in Vietnam are still being refined.
Mạnh Hà
– 09:27 05/22/2025
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