The Pepperoni on the First Pizza Bought with Bitcoin is Worth $6.5M Today
A Historic Transaction Revisited
Thirteen years ago, on May 22, 2010, programmer Laszlo Hanyecz made history as he conducted the first commercial transaction using Bitcoin. For 10,000 BTC, Hanyecz bought two supreme pizzas from Papa John’s. To put this into perspective, those Bitcoins would be worth around $266 million at today’s prices.
This transaction is now famously known as Bitcoin Pizza Day, celebrated annually by the crypto community.
The Real Cost of the Bitcoin Pizzas
As we commemorate this iconic event, a burning question emerges: How much did it cost to create these legendary pizzas? Assuming Hanyecz ordered Papa John’s “The Works” pizza, their version of a supreme pizza, we’ve done the math.
Based on the price of ingredients in 2010, here’s what it would have cost to construct just one of the Bitcoin Pizzas:
- Pepperoni: 244 BTC = $6.5 million
- Bacon: 146 BTC = $3.8 million
- Italian sausage: 97 BTC = $2.5 million
- Onions: 24 BTC = $640,000
- Green peppers: 36 BTC = $960,000
- Mushrooms: 63 BTC = $1.6 million
- Black olives: 121 BTC = $3.2 million
- Cheese: 730 BTC = $19.4 million
Adding these up, the total cost of ingredients comes to 1,461 BTC, equivalent to approximately $39 million today. Quite the costly feast.
The Legacy of Bitcoin Pizza Day
“Bitcoin Pizza Day” marks the world’s first transaction for real-world goods using Bitcoin. It stands as a testament to the massive rise in the value of the cryptocurrency since then. When Hanyecz bought the pizzas, Bitcoin was worth a mere $0.0041. Today, a single Bitcoin is worth over $26,500.
The pizzas were delivered four days after Hanyecz posted his request on the Bitcointalk forum. Jeremy Sturdivant, a 19-year-old university student at the time, delivered the pizzas and later sold the Bitcoins to fund a holiday trip. Despite their now astronomical value, Hanyecz holds no regrets, as his early work on Bitcoin significantly contributed to its growth.
In retrospect, the Bitcoin Pizza transaction was a monumental moment for cryptocurrency. It served as a proof of concept for the use of Bitcoin in real-world transactions and its potential to grow in value. Today, as we commemorate Bitcoin Pizza Day, we are reminded not only of the humble origins of cryptocurrency but also of its limitless potential.
And to think, it all began with a slice of pizza.