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Bitcoin Pizza Day: How Cryptocurrency Has Moved Further Than Just buying Pizza The 10,000 BTC would now be valued at around USD 270 million today, valued at USD 26,833.55. In November 2021, BTC reached an all-time high of USD 68,789, which would have made Hanyecz worth around $690 million had he not ordered the infamous pizzas

By Paromita Gupta

Opinions expressed by Entrepreneur contributors are their own.

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The curious case of a Floridian programmer named Laszlo Hanyecz and his purchase of two pizzas worth 10,000 Bitcoin in 2010 precisely tells you about the true volatile nature of cryptocurrencies such as Bitcoin.

On May 18, 2010, Hanyecz took to the Bitcointalk.org forum to announce his decision to pay 10,000 BTC to anyone willing to place an order of two pizzas, preferably two large pies for him. No one took his offer until May 22, when 19-year-old Jeremy Sturdivant accepted his offer.

The two large-size Papa John's pizzas were delivered to Hanyecz's place in Florida and cost USD 41 then. Hanyecz took to the forum to share the image of the pizzas along with his family.

Via Twitter

The 10,000 BTC would now be valued at around USD 270 million today, valued at USD 26,833.55. In November 2021, BTC reached an all-time high of USD 68,789, which would have made Hanyecz worth around $690 million had he not ordered the infamous pizzas.

While talking to CBS in 2019, Hanyecz looked back and shared, "The transaction made [Bitcoin] real for some people. It certainly did for me." And today is marked as Bitcoin Pizza Day to celebrate the potential of the then-nascent cryptocurrency.

The leap of faith

Currently, there as over 22,000 cryptocurrencies in existence across the world, with BTC being the most valued fiat currency. While there are 235 crypto exchanges existing globally, with Binance being the biggest player.

The acceptance and adoption of cryptocurrency in 2023 could certainly not have been predicted back in 2010. Banks, corporates, startups, and governments are all embracing the technology and working towards harnessing its full capabilities.

Now, cryptocurrency is the backbone of several emerging industries and ventures. Luxury fashion house Ralph Lauren in April 2023 opened its Miami concept store and partnered with Bitpay to become the first-ever store to accept cryptocurrency. "Miami is the first of our stores to accept cryptocurrency," the brand shared on LinkedIn.

Back in August 2022, Gucci announced it was accepting ApeCoin for purchases at select stores in the United States, "Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3."

Some of the big names who are accepting BTC include Microsoft, Burger King, KFC, and Starbucks. Delhi's Ardor 2.1 became the first Indian restaurant to accept cryptocurrency. It was also offering a 20 per cent discount for customers paying via crypto.

In September 2021, El Salvador became the first country to accept Bitcoin as a legal tender.

The significance

Rajagopal Menon, vice-president, WazirX, shared, "Bitcoin Pizza Day symbolises the remarkable evolution of the Bitcoin and crypto space over the past decade. From the humble purchase of two pizzas for 10,000 bitcoin to its current total capitalisation of over half a trillion, Bitcoin has come a long way. This transaction heralded the current widespread adoption and showcases the transformative power of cryptos and their emergence as a legitimate asset class in the global financial landscape."

"It is important to note that the real significance lies in the recognition of this transaction as the first real-world use case for Bitcoin, demonstrating its potential as a decentralized digital currency. Bitcoin Pizza Day serves as a reminder of the rapid growth and adoption of cryptocurrencies, highlighting the journey from a seemingly trivial transaction to a global phenomenon. It symbolizes the early believers and pioneers who played a key role in establishing Bitcoin as a viable alternative to traditional financial systems," notes Sathvik Vishwanath, Co-Founder & CEO, Unocoin.

"Bitcoin Pizza Day is a testament to the power of community and the growing acceptance of BTC as part of our daily lives," said Yi He, co-founder and chief marketing officer, Binance.

Paromita Gupta

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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