What is Bitcoin Pizza?
Let's find out Bitcoin Pizza meaning, definition in crypto, what is Bitcoin Pizza, and all other detailed facts.
Bitcoin Pizza describes the object of a historical crypto transaction. On May 22, 2010, Laszlo Hanyecz posted on the Bitcointalk forums, asking if someone would be willing to order him two large pizzas for 10,000 Bitcoin (BTC). Jeremy Sturdivant saw the post and agreed to buy Hanyecz the pizzas.
The exchange marks one of the first real-world transactions in history. The most notable thing about this transaction was the amount spent. Bitcoin had only been around for a little over a year, having been launched in 2009. It would take another year, until 2011, before Bitcoin reached a one-to-one ratio with the USD.
At the time of writing, the amount Hanyecz paid is worth over $400 million, and the price of a single BTC is equal to $40,000.
Over the years, both Hanyecz and Sturdivant have made comments about the historic transaction.
Hanyecz stated that he did not regret the decision to spend crypto on the two pizzas, despite seeing the market cap growth. He said he saw no point to hold onto cryptocurrency without spending anything since that would make the whole system meaningless.
Sturdivant, who ordered the two pizzas for Hanyecz and received 10,000 BTC, ended up spending the funds on a business trip. He stated that he was proud to have had a role in the “global phenomenon” of Bitcoin. He also said that he would have held it for longer if he had seen it as an investment, and was shocked by the sudden surge of the Bitcoin market cap.
The rise of Bitcoin’s price was unprecedented at the time, given how niche the Bitcoin community was at that stage. As Sturdivant put it, it was hard to expect that Bitcoin would have the purchasing power to acquire real estate.
Bitcoin Pizza Day has become a notable event in the history of crypto. It is celebrated on May 22 every year.