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Bitcoin Pizza Day 2023: Community celebrates anniversary of first known BTC transaction

Redditors wondered where the 10,000 BTC went, with some speculating it was sold when the price surged, while others suggested the keys may have been lost.

Members of the crypto community celebrated the anniversary of Bitcoin Pizza Day; the first notable exchange of Bitcoin (BTC) into physical goods. 

On May 22, 2010, Laszlo Hanyecz made the first documented purchase of a good with BTC. The exchange involved 10,000 BTC — worth $41 at the time — and two pizzas from a local restaurant in Florida. The milestone turned into an annual celebration for the crypto space as community members reminisced on how far the industry has come since the transaction.

Similar to previous years, crypto fans celebrated the day by eating pizza, with Bitcoiners in Indonesia sharing a photo of themselves eating pizza in Bali.

Meanwhile, crypto exchanges also joined in on the pizza-eating fun. Crypto exchange Binance served pizza in Naples, Italy, while trading platform OKX shared a photo of its employee’s lunch as it geared up for the day.

While many others were busy eating pizza, some took the time to appreciate Jeremy Sturdivant, the person on the other end of the now-famous transaction. One Bitcoiner described Sturdivant as the “true hero” of the story.

Redditors are curious about where the BTC went. Source: Reddit

On Reddit, community members shared their curiosity about the fate of the 10,000 BTC spent on the pizza. Some speculated that Sturdivant sold the coins after the price increased by five or 10 times, while others thought he might have lost the keys. 

At the time of writing, 10,000 BTC is worth around $268 million.

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While the Bitcoin pizza transaction is widely recognized as the first physical goods exchange using BTC, some speculate that there may be a sale that preceded it. On May 14, Crypto Twitter was set ablaze as people considered the possibility of an image being sold in exchange for 500 BTC months before the pizza purchase. Bitcoin creator Satoshi Nakamoto was also involved in the sale.

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The pepperoni on the first pizza bought with Bitcoin is worth $6.5M today

The first known crypto transaction was 10,000 Bitcoin for two pizzas; 13 years on, its ingredients alone equate to millions of dollars worth of Bitcoin.

It’s been 13 years since programmer Laszlo Hanyecz made the first commercial transaction with Bitcoin (BTC) on May 22, 2010, buying two supreme pizzas from Papa John’s for a whopping 10,000 BTC, or $266 million at current prices.

That day is known and celebrated as Bitcoin Pizza Day.

To commemorate the occasion, Cointelegraph sought to find out the answer to one more burning question. How much did it cost to construct these two famous pizzas?

The supreme pizzas purchased by Hanyecz in 2010. Source: Internet Archive

To answer this, it is assumed that Hanyecz ordered Papa John’s “The Works” pizza, which is the pizza chain’s version of a supreme pizza.

Considering the amount required and the price of ingredients at the time, here’s what it would have cost to put together just one of the Bitcoin Pizzas, not including labor, overhead and the pizza base.

  • Pepperoni: 244 BTC = $6.5 million
  • Bacon: 146 BTC = $3.8 million
  • Italian sausage: 97 BTC = $2.5 million
  • Onions: 24 BTC = $640,000
  • Green peppers: 36 BTC = $960,000
  • Mushrooms: 63 BTC = $1.6 million
  • Black olives: 121 BTC = $3.2 million
  • Cheese: 730 BTC = $19.4 million

Total cost of ingredients: 1,461 BTC, or $39 million. Talk about an expensive feast.

History of Bitcoin Pizza Day

“Bitcoin Pizza Day” marks the world’s first transaction for real-world goods using Bitcoin and celebrates the massive rise in the value of the cryptocurrency since then, which was worth only $0.0041 in May 2010 and is now worth over $26,500 at current prices.

In the end, Hanyecz’s pizza order was delivered four days after he posted his request on May 18, 2010, on the Bitcointalk forum.

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“I'll pay 10,000 bitcoins for a couple of pizzas,” he wrote, saying those who take up the request “can make the pizza yourself and bring it to my house or order it for me from a delivery place.”

Jeremy Sturdivant, a 19-year-old university student at the time, delivered the now-famous pizzas for the Bitcoin haul on May 22, 2010. He told Cointelegraph in 2018 that he sold them to afford a holiday and had “never seen Bitcoin as an investment.”

Hanyecz said he didn’t regret it, and his early work on Bitcoin led him to code a program that made it possible to mine the cryptocurrency on computer graphic processing units.

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Cointelegraph Store: Introducing Bitcoin Pizza Day merch for crypto OGs

Celebrating the first real word Bitcoin transaction, Cointelegraph launched a brand new, limited-time "Bitcoin Pizza Collection." Join in on the tradition and grab some of the coolest crypto merch. Free shipping worldwide on orders over $100.

Twelve years ago today, on May 22, 2010, programmer and early Bitcoin (BTC) miner Laszlo Hanyecz made history when he traded 10,000 BTC for two large pizzas. It was the first real-world cryptocurrency transaction, and media attention from the act legitimized Bitcoin in a big way.

Inspired by that delicious turning point in decentralized finance, the Cointelegraph Store has created a fresh new line of merchandise. And you won't even have to tip your driver when it arrives.

Bitcoin Pizza apron

The Bitcoin Pizza Organic Cotton Apron will cook up a slice of fashion for the crypto chef in your life. Shield yourself against food mishaps, heat and more kitchen conundrums with this 100% organic cotton apron, complete with adjustable straps and a large front pocket with two compartments. 

The Cointelegraph unisize apron is available in three different colors navy, black and rope (shown below).

Bitcoin Pizza apparel

Whether you need to stay warm or keep it cool, the Cointelegraph Store has you covered. Choose between the brightly colored, unisex Bitcoin Pizza Tee, Bitcoin Pizza Tank Top or Bitcoin Pizza Hoodie. If pizza is just as great hot as it is cold, there’s no reason you can’t be too.

The Cointelegraph hoodies are available in Irish green and indigo blue options, tailored for all sizes.

Bitcoin Pizza accessories

Sometimes you just need some fun crypto flavor in your life. So, cozy up with the premium, linen-feel Bitcoin Pizza Pillow. Carryout is a breeze with the vibrant print of the Bitcoin Pizza Tote Bag. And never be without a beverage for your food with the Bitcoin Pizza Mug, which features a joyful pop of color on a classic ceramic coffee mug.

Celebrate Bitcoin Pizza Day with the Bitcoin Pizza merch collection. Pick up some of this exclusive swag for you or anyone you know who might need a hot, fresh new look. The Cointelegraph Store is ready to take your order.

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Bitcoin Pizza Initiative Launched Among Heavy Criticism: Only Fiat Accepted

Bitcoin Pizza Initiative Launched Among Heavy Criticism: Only Fiat AcceptedThe Bitcoin Pizza initiative, a new endeavor promoted by Bitcoin influencer Anthony “Pomp” Pompliano, that seeks to fund Bitcoin development while remembering Lazlo Hanyecz’s legendary pizza purchase, was launched yesterday. While being applauded by some, it also raised a lot of criticism from the cryptocurrency community due to its proposition. Bitcoin Pizza Initiative Launched Anthony […]

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