The 21 Million Dollar Pizza

A potentially decade defining event occurred on 22 May 2010 which has remained relatively unknown: the story of the 10,000 bitcoin pizza (worth in today’s money approximately $21,000,000!*) How did this happen?

From its beginnings in 2009, bitcoin traded at a fraction of its current value. The invention of bitcoin’s mysterious creator Satoshi Nakamoto (assumed to be a pseudonym), began to generate excitement amongst early enthusiasts who saw it as a new form of money.

One such enthusiast was Laszlo Hanyecz, who posted on the bitcoin talk forum on 22 May 2010 that he was willing to buy two pizzas for 10,000 bitcoins (around $40 in total at the time). A British user agreed to order the pizza in return for the bitcoin offered, creating what is believed to be the first real-world transaction in cryptocurrency.

Laszlo has subsequently stated that he thought buying pizza with bitcoin was cool and that no-one knew how popular it would become. Ever since, 22 May has become known as Pizza Day in the bitcoin community.

*At the time of writing (bitcoin could be worth much more when you read this!)
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