The crypto community celebrates May 22nd as it holds a special place in the evolution of Bitcoin and the entire ecosystem. Over 15 years ago, on May 22, 2010, the first ever purchase using Bitcoin was made, and the item purchased was a humble pizza costing about $41, paving the way for Bitcoin Pizza Day.
The landmark event involved a Florida-based programmer Laszlo Hanyecz, who posted on BitcoinTalk – an online cryptocurrency forum, offering 10000 BTC for two large pizzas. Taking up on his offer, Californian Jeremy Sturdivant had two Papa John’s pizzas delivered to Hanyecz and received 10000 BTC. Lest did they know that what appeared to be a simple fun exercise made history and people would remember it for decades to come.
Two Pizzas Paving the Path to Bitcoin’s Meteoric Rise
While the whole process of purchasing pizza for bitcoin was handled in a crude fashion, it served as a proof of concept, leaving an indelible mark on the evolution of the most popular cryptocurrency. Soon after, Bitcoin emerged out of obscurity, from being considered as an in-game currency to digital gold.
Bitcoin officially started trading only on July 1, 2010, close to two months after the first-ever Bitcoin Pizza Day. Starting at a fraction of a dollar ($0.08) and rising to today’s price of around $1,10,000.
Since then, Bitcoin has taken great strides to attain mainstream status. Today, Bitcoin features prominently among supported payment options on popular e-commerce platforms, serves as an alternate investment option, has turned into corporations’ favorite and even governments looking to create strategic reserves.
Bitcoin has also emerged as a savior for many in weaker economies, acting as a hedge against rapidly devaluing currency. There are Bitcoin Exchange Traded Funds (BTC ETFs) on reputed stock exchanges and a much friendlier regulatory atmosphere.
The Rise of Crypto-Driven Financial Ecosystems
Bitcoin Pizza Day served as proof that there is a community that is willing to consider cryptocurrency as a store of value and a medium of value exchange. As Bitcoin gained traction as a currency, combined with the introduction of programmable blockchain, Ethereum led to the birth of the entire DeFi (Decentralized Finance) ecosystem.
Since then, the DeFi industry has grown to reach an estimated market value of $42 billion in 2025 while registering a growth of around 9.06% CAGR.
The Bitcoin Pizza Index
Mr. Hanyecz spending 10,000 BTC on a pizza has given rise to a whole new concept of Bitcoin Pizza Index. Even if it doesn’t serve any practical purpose, at least it allows the community members to keep track of how much Bitcoin’s price has appreciated over the past 15 years.
The amount spent on a couple of pizzas those years ago would, on this day, easily buy more than 10000 Kgs of gold, or over 1000 metric tons of silver. What would be the purchasing power of 10000 BTC next year, or the year after, is anyone’s guess.
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