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Definition: Bitcoin pizza


On May 22, 2010 when one bitcoin was practically worthless, Laszlo Hanyecz bought two pizzas for 10,000 bitcoins, which were worth about $30. Considered the first online cryptocurrency transaction and a radical trade, it was Hanyecz's idea to find out if bitcoins had any value at all. He lived in Jacksonville, Florida, but after posting the offer in an online forum, 18-year-old Jeremy Sturdivant from Santa Cruz, California accepted the deal and ordered two pizzas from Papa Johns in Jacksonville that were delivered to Hanyecz.

Neither party in the transaction held the crypto for the long term. Hanyecz bought more pizzas until he began to run out of bitcoins, and after the price started to climb, Sturdivant sold his 10,000 bitcoins for approximately $400.

Bitcoin Pizza Day
Had either one of them held on to the crypto, they would have become very rich. In 2021, Bitcoin topped $60,000, and 10,000 coins would have amounted to $3 million per bite of pizza! Nevertheless, Hanyecz became famous, and May 22 is now known as "Bitcoin Pizza Day"! See Bitcoin and hodling.