“From Crust to Catastrophe: The Shocking Decision That Cost a Man £700 Million on Two Ordinary Pizzas!”

Can you imagine casually trading 10,000 Bitcoin for a couple of pizzas? Well, in May 2010, that’s exactly what Laszlo Hanyecz, a software engineer from Florida, did! This seemingly mundane transaction—worth only about $25 at the time—marked the very first real-world purchase using Bitcoin, opening the floodgates to a world where cryptocurrencies could actually buy you… lunch. Fast forward to today and those pizzas have transformed into an outrageous £700 million worth of currency, making them an unforgettable slice of financial history. So, how does Hanyecz feel about having been a pioneer in this digital gold rush, now viewed as one of the most infamous purchases ever? Spoiler alert: He wouldn’t change a thing! Want to dive deeper into this quirky tale and the legacy it created? LEARN MORE.

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 – worth roughly £25 at the time – for two Papa John’s pizzas.

It was a transaction that put cryptocurrency on the map. Fast forward to today, and those two pizzas have skyrocketed in value to over £700 million, cementing their place in financial folklore.

But how does Hanyecz feel about what’s now regarded as one of the most infamous purchases in history?

“I don’t regret it,” Hanyecz said in a recent interview. “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!'”

At the time of the transaction, Bitcoin was still in its infancy. Hanyecz, one of the earliest contributors to Bitcoin’s software, had even developed a program allowing users to mine cryptocurrency with their computer’s graphics cards.

Keen to test the real-world usability of Bitcoin, he posted on a crypto forum offering to trade 10,000 coins for pizza. Four days later, he connected with Jeremy Sturdivant, who made the purchase on his behalf and delivered the pizzas.

Laszlo Hanyecz made history (60 Minutes Overtime/YouTube)

Hanyecz proudly shared photos of the pizzas online, unaware of the legacy he was creating. What began as a quirky experiment in digital currency would later become a cultural phenomenon, with May 22 now celebrated annually as ‘Bitcoin Pizza Day’.

While Hanyecz’s payment drew curiosity at the time, it gained widespread attention as Bitcoin’s value began to soar.

In 2023, Bitcoin surpassed $100,000 per coin, turning his two pizzas into a billion-dollar meal.

But Hanyecz remains philosophical about the financial implications. “It’s not about the money,” he explained. “It was about proving that Bitcoin could work as a medium of exchange. That was the whole point.”

Hanyecz’s transition also paved the way for Bitcoin’s adoption as a legitimate payment method. Today, companies like Starbucks, Subway, and even Pizza Hut in certain 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.”

It was one very expensive pizza (Getty Stock Image)

In more recent times, following Donald Trump’s presidential election win, promising more crypto-friendly regulations, the value of Bitcoin has reached a record high.

Stocks and shares, generally, have also soared, while some of the big tech firms have taken a slight hit.

For example, in May 2010, Bitcoin was valued at around £0.003, based on early exchange rates, so a £10 investment would have been bought approximately 3,333 BTC.

So at today’s price of £72,000 per Bitcoin, 3,333 BTC would be worth a whopping £239,976,000 at the time of writing.