The True Story Behind Bitcoin Pizza Day: How One Man Spent Nearly 100,000 BTC on Pizzas

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On May 22, the crypto world celebrates Bitcoin Pizza Day—a lighthearted holiday commemorating the first known real-world purchase made with Bitcoin. But behind the viral story of 10,000 BTC for two pizzas lies a much deeper and more surprising truth: Laszlo Hanyecz, the programmer behind the legendary transaction, may have spent nearly 100,000 BTC on food during Bitcoin’s earliest days.

Far from being a one-time quirky purchase, Hanyecz's spending reveals how freely early adopters treated Bitcoin when it had no real-world value. His story also highlights the dramatic evolution of cryptocurrency from a niche experiment to a global financial phenomenon.

The Legend of the $600 Million Pizzas

In 2010, Laszlo Hanyecz famously posted on the Bitcoin Talk forum:

“I’ll pay 10,000 BTC for a pizza—like maybe two large ones so I have some left over for the next day.”

Someone accepted the offer, ordering him two Papa John’s pizzas. At the time, Bitcoin was essentially worthless—those 10,000 BTC were worth about $41. Today, that same amount would be worth hundreds of millions of dollars.

This single transaction became a symbol of both the absurdity and potential of digital currency. But as it turns out, this wasn’t an isolated incident—it was just the tip of the iceberg.

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A Hidden History of Massive Bitcoin Spending

According to a Forbes report cited by BlockBeats, Hanyecz revealed in a 2019 interview that he didn’t stop at 10,000 BTC. In fact, he estimated he spent nearly 100,000 BTC on pizzas and other goods throughout 2010.

Blockchain records support his claim. Analysis of his original Bitcoin address—first shared in his inaugural Bitcoin Talk post—shows that between April 10 and August 4, 2010, Hanyecz transferred over 79,000 BTC. By the time the “pizza era” ended, his total outflows exceeded 81,432 BTC, with the last major transfer occurring in June 2011.

To put that in perspective: if those coins were still held today, their value would surpass $7 billion, based on current market rates.

Ironically, the wallet now holds just enough Bitcoin to buy a single large pizza at modern prices—a poetic contrast to its former wealth.

Where Did He Get So Much Bitcoin?

The answer lies in Bitcoin’s earliest days. From 2009 to 2010, miners received 50 BTC per block, with new blocks mined approximately every ten minutes. During this period, few people were mining, and competition was nearly nonexistent.

Hanyecz was one of the most active early miners. He wasn’t just using a home computer—he pioneered GPU mining, becoming the first person after Satoshi Nakamoto to successfully use graphics cards to mine Bitcoin more efficiently than CPUs.

His innovation drastically increased mining speed and accessibility. When he publicly shared his method in May 2010, it triggered a surge in network hash rate—by the end of that year, total computing power on the Bitcoin network had grown by over 1,300 times.

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But this progress came at a cost for Hanyecz personally. As more people adopted GPU mining, competition intensified. The days of “earning thousands of Bitcoin per day” were over. His advantage faded as the network evolved—ironic, considering he helped accelerate that very change.

More Than Just a Pizza Buyer: A Foundational Developer

While Hanyecz is best known for buying pizzas, his contributions to Bitcoin go far beyond consumer spending.

He developed the first Bitcoin client for macOS, making it easier for Apple users to run full nodes and participate in the network. This was crucial in expanding Bitcoin’s accessibility beyond Linux users.

Additionally, he contributed code to the core protocol and was deeply involved in community discussions about scalability and usability during Bitcoin’s formative years.

In many ways, Hanyecz wasn’t just an early adopter—he was a builder shaping the foundation of decentralized finance.

The Irony of Early Adoption

Hanyecz’s story embodies the paradox of being ahead of your time. He had:

Yet he spent freely because no one believed Bitcoin would ever be valuable. There was no market, no exchanges, and no clear use case beyond experimentation.

As Hanyecz himself said:

“At the time, I didn’t think anything of it. We were just trying to get people to use Bitcoin.”

That mindset—of treating Bitcoin as play money—is what allowed him to spend so liberally. And while hindsight paints him as someone who “gave away a fortune,” his actions actually served a vital purpose: proving Bitcoin could be used for real transactions.

Without that first pizza purchase, would we even have a "Bitcoin Pizza Day"?

FAQ: Your Questions About Bitcoin Pizza Day Answered

Why is Bitcoin Pizza Day celebrated on May 22?

May 22 marks the anniversary of Laszlo Hanyecz’s first successful pizza purchase using Bitcoin in 2010. It has since become a symbolic milestone in crypto history, representing the first documented use of Bitcoin for everyday commerce.

Did Laszlo Hanyecz really spend 100,000 BTC on pizzas?

While he didn’t spend all of it directly on food, blockchain data and his own accounts confirm he transferred over 81,432 BTC during 2010—much of it for pizzas and small goods. The “nearly 100,000 BTC” figure reflects his overall spending behavior during that period.

Could someone make that kind of money mining Bitcoin today?

Not realistically. In 2010, mining required minimal hardware and faced almost no competition. Today, Bitcoin mining is dominated by large-scale operations using specialized ASIC machines and cheap energy sources. Profitability depends heavily on infrastructure and scale.

Is Laszlo Hanyecz still involved in cryptocurrency?

While no longer a central figure in development, Hanyecz remains respected in the crypto community for his early contributions. He occasionally participates in discussions but maintains a low public profile.

What happened to the person who delivered the pizzas?

The person who ordered the pizzas for Laszlo was Jeremy Sturdivant (known online as “jercos”). He accepted 10,000 BTC as payment through a third party. Like many early participants, he reportedly spent or lost most of his coins before their value skyrocketed.

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Could a similar event happen again with another cryptocurrency?

Unlikely in the same way. Today’s crypto ecosystem is mature, with established markets and valuation models. While new use cases emerge (e.g., NFTs, DeFi), there’s no longer a “pre-value” phase like Bitcoin had in 2010—making such symbolic transactions rare.

Final Thoughts: A Legacy Built on Pizzas and Innovation

Laszlo Hanyecz didn’t just buy two pizzas—he helped launch a cultural movement. His story reminds us that innovation often begins with experimentation, generosity, and even humor.

Yes, he spent what would now be billions. But in doing so, he proved that Bitcoin could function as real money. That single act gave credibility to a nascent technology and inspired countless others to explore its potential.

Today, as institutions invest billions and nations consider digital currencies, we owe a small debt to the man who once traded thousands of BTC for something as simple as dinner.

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