Imagining spending the equivalent of over $1 billion on pizza is mind-boggling, yet that is precisely what happened to one individual more than a decade ago.
Laszlo Hanyecz, a resident of Florida, famously purchased two pizzas using 10,000 bitcoins. His motivation for the transaction was quite remarkable, though he might not view it the same way now.
On May 18, 2010, Hanyecz made a significant mark in history when he posted on a Bitcoin Forum: “I’ll pay 10,000 bitcoins for a couple of pizzas … like maybe 2 large ones so I have some left over for the next day.
“I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!”
“I like things like onions, peppers, sausages, mushrooms, tomatoes, pepperoni, etc… just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.
“If you’re interested please let me know and we can work out a deal. Thanks, Laszio.”
He was clear about his desires.
Four days later, a British man agreed to the offer. He ordered two Papa John’s pizzas for Hanyecz, costing $25, at a time when 10,000 bitcoins were valued at $41.
Merely nine months later, the currency equaled the US dollar, turning those 10,000 bitcoins into $10,000.
After the deal went through, Hanyecz announced on the platform: “I just want to report that I successfully traded 10,000 bitcoins for pizza.”
He also shared a photo featuring himself and his two sons with the pizzas, with a note of gratitude: ‘thanks jercos’.
But why did he do it?
In an interview with 60 Minutes correspondent Anderson Cooper, Hanyecz explained: “I honestly thought it would be really cool if I could say, ‘Hey, I just traded this, you know, open source internet money for a real world good.”
This act marked one of the earliest known transactions where bitcoin was used to purchase a tangible item.
Today, the value of 10,000 bitcoins stands at $1,024,825,000, meaning each pizza would be worth $512,412,500 now.