When Bitcoin was worth one billion dollars – the true story behind the world's most expensive pizza

Imagine: A programmer buys two pizzas for what is today worth about 1 billion dollars. Sounds crazy? That is exactly what happened on May 22, 2010 – an event that continues to fascinate and be celebrated annually by the cryptocurrency community.

How it all started: A forum post that made history

In May 2010, Bitcoin was still in its infancy. Most people didn’t know what digital currency was actually good for. A programmer at the time named Laszlo Hanyecz had an unconventional idea: he wanted to try an experiment and spend Bitcoin on something very everyday – pizza.

On May 18, Hanyecz posted in a Bitcoin forum with an unusual request: he offered 10,000 Bitcoin if someone would get him two large pizzas. The request was very specific – pepperoni, onions, and peppers, but no pineapple. The response was modest. Many people considered Bitcoin useless, and practically no one in the USA was willing to participate in the experiment.

But four days later, everything changed. A 19-year-old from California named Jeremy Stedeford accepted the challenge. Using his credit card, he ordered two pizzas and waited for the 10,000 Bitcoin to arrive. What seemed like a simple trade was later celebrated as the first real economic transaction with Bitcoin – a milestone that few recognized at the time.

From $30 to a billion – the incredible appreciation

At the time of the transaction, the value of 10,000 Bitcoin was about $30. A fair deal, you might think. But the story of this pizza is a story of exponential value growth:

• 2013: Bitcoin surpasses the $1,000 mark – the pizza is now worth $10 million
• 2021: Bitcoin reaches its peak of about $60,000 – the value of the pizza climbs to $600 million
• 2024: Bitcoin approaches the $100,000 mark – the most expensive pizza in the world is now worth about $1 billion

The community commemorated this episode with the introduction of “Bitcoin Pizza Day” on May 22 – an annual memorial day that remembers this legendary trade.

The surprising attitude of the protagonists

What many didn’t expect: both parties do not regret their decision. In interviews, Laszlo Hanyecz later revealed that he considered Bitcoin back then as a kind of video game currency – simply cool to be able to buy something with it. His attitude was pragmatic: these Bitcoins were created for free through mining with his graphics card. “It was a good deal to exchange them for pizza,” he said later.

Even more surprisingly: after this famous transaction, Hanyecz didn’t stop. He bought many more pizzas and other things with Bitcoin. Today, he has spent about 100,000 Bitcoin (current value: about $10 billion) this way – without regret. His modest lifestyle as a programmer remained unchanged; he sought no attention.

Similarly, Jeremy Stedeford reflects: the 10,000 Bitcoin he received he quickly spent on travel and living expenses. In his words: “Ultimately, I earned about $400 with it – that was a good deal.” Although today there is hardly any Bitcoin left in his wallet, he regrets nothing. For him, it was meaningful to have been an early Bitcoin adopter and to have experienced this story.

What this legend really teaches us

The story of Laszlo and Jeremy is not really a story about missed millions. It’s a story about trust in the future and how to deal with uncertainty.

Both men lived in the moment. They recognized the potential value of Bitcoin, but they also knew that no one can predict the future with certainty. Their optimism and lack of regret show a wisdom that many investors do not have: satisfaction with the decisions they make when they make them with the information available at the time.

Every year, when the community celebrates Bitcoin Pizza Day, it’s not just about the “most expensive pizza in the world” or marveling at missed gains. It’s about honoring a moment when two people trusted the new, when it was still completely uncertain. It’s a spirit of exploration that permeates the entire cryptocurrency culture – and it is precisely this experimental, future-oriented mentality that is the true value of this story.