The Man Who Bought Two Pizzas With Bitcoin, Now Worth £700m

In May 2010, Laszlo Hanyecz made history by completing the first-ever real-world purchase using Bitcoin. The Florida-based software engineer traded 10,000 Bitcoin

A software engineer in Florida made history by completing the first-ever real-world purchase using Bitcoin in May 2010.

Laszlo Hanyecz traded 10,000 Bitcoin - valued at roughly £25 at the time - for two Papa John's pizzas.

The transaction put cryptocurrency on the map. Those two pizzas are now valued at over £700 million, making them a part of financial folklore.

"I don't regret it," Hanyecz said in a recent interview about the purchase, which is now considered to be one of the most infamous in history.

"I think it's great that I got to be part of the early history of Bitcoin in that way. People know about the pizza. Everyone can kind of relate to that and be like, 'Oh my God, you spent all of that money!'"

Bitcoin was still in its early stages when the transaction took place. Hanyecz, who was one of the first people to contribute to Bitcoin's software, had even created a program that allowed users to mine cryptocurrency with their computer's graphics cards.

He posted on a crypto forum, offering to trade 10,000 coins for pizza in an effort to test the usability of Bitcoin in the real world.

Four days later, he was put in touch with Jeremy Sturdivant, who made the purchase on his behalf and delivered the pizzas.

Hanyecz proudly shared photos of the pizzas online at the time, but he had no idea of the legacy he was creating.

What started out as a quirky experiment in digital currency quickly became a cultural phenomenon, with May 22 now being celebrated annually as 'Bitcoin Pizza Day'.

While Hanyecz's payment initially drew curiosity, it gained widespread attention as Bitcoin's value began to increase.

His two pizzas became a billion-dollar meal when Bitcoin reached $100,000 per coin in 2023.

But Hanyecz remains philosophical about the financial implications. "It's not about the money," he said.

"It was about proving that Bitcoin could work as a medium of exchange. That was the whole point."

Hanyecz's transaction also played a role in Bitcoin's development as a legal payment method.

Today, businesses like Starbucks, Subway, and even Pizza Hut in some regions accept cryptocurrency.

"I'm happy to have been part of something so meaningful," Hanyecz said.

"Sure, people laugh about the pizzas, but it's also a reminder of how far Bitcoin has come since those early days."