The Bitcoin Pizza day, celebrated on 22 May of every year has a great significance to the Bitcoin community. This is because it is the anniversary of the first bitcoin transaction, done by a Floridian man named Laszlo Hanyecz.

As a fact, Laszlo Hanyecz, by then a young programmer, was a contributor to Bitcoin software and advanced the mining technology of the precious coin. He coded a program that enabled people to mine Bitcoin using their computer’s graphics cards (GPUs) which is more efficient than using the CPUs of a computer as originally planned.

On 22 May, 2010, Laszlo Hanyecz purchased 2 Papa John pizzas for 10,000 BTC. The value of the pizzas was $25 at that time. As a result, 22 May became the Bitcoin Pizza day, each and every year, celebrating the first transaction using BTC to purchase a real-world product. On the other hand, Jeremy Sturdivant (jercos)-the man who sold the 2 pizzas, became the first person to accept BTC as a medium of exchange.

The importance of the Bitcoin Pizza Day

As already pointed above, it was on 22 May, 2010 when BTC had a real world use case, showing that it could perform the same role as fiat currency. And that day laid the foundation for the development and use of various cryptocurrencies that we know today and those that will emerge in the future.

More interestingly, the day stands as a firm reminder of the price trajectory that bitcoin has undergone since the year 2010. At the time that Laszlo Hanyecz purchased two pizzas worth 25 dollars, 10 000 bitcoin had a total value of $41, meaning that each BTC was around $0.006. 

The interesting part of that transaction was that Laszlo Hanyecz even found it difficult to find  a seller of pizzas who was willing to accept BTC as a means of payment. In fact, he had to convince Jeremy Sturdivant to accept  BTC. On the other hand, Laszlo Hanyecz felt that purchasing the pizza using BTC was like getting them for free. This is because he had mined them by merely coding software. After all, he did that as a hobby.

How much did Laszlo Hanyecz pay, if we use the future value of money concept?

It is time to fast-forward what occurred on 22 May 2010, buying two pizzas for 10000 BTC, to our present day. This is an unimaginable scenario today because the value of bitcoin has increased by several thousands. The BTC that was worth about $0.006 is now over $$36,000 on average.

Impressively, in the recent past it reached an All-Time-High (ATH) of over $60 000. Taking the current average price of bitcoin, the two pizzas cost $400 million. It is clear that the BTC has stood the test of time and proved its utility. 

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