A legendary date in the cryptocurrency world, May 22 is celebrated as Bitcoin BTC/USD Pizza Day. The prized digital currency, now worth thousands of dollars, was used for the first time for commercial purposes on this day.
What Happened: About 14 years ago, a Florida-based software developer, Laszlo Hanyecz, unwittingly gave the cryptocurrency community a date to cherish, when he paid 10,000 Bitcoins to pay for two Pizzas from Papa John’s International, Inc. PZZA.
The historic conversation, preserved safely on a Bitcoin forum, divulges details about the turn of events.
On May 18, 2010, Hanyecz wrote, "I'll pay 10,000 bitcoins for a couple of pizzas … like maybe 2 large ones so I have some leftover for the next day."
His call was answered, as just after 4 days, he updated on the forum that he had “successfully” swapped 10,000 Bitcoins for two pizzas.
According to a conversation on the forum, 1 Bitcoin was worth $0.0041 on this historic day, taking the total purchase amount to $41.
Why It Matters: We are in 2024 and Bitcoin has evolved from an obscure digital currency back then to one of the most valuable assets in the world, with 1 unit equal to $70,000 as of this writing, according to data from Benzinga Pro.
This makes the two pizzas worth nearly $700 million, by far the most expensive ones ever.
The King Crypto exploded an astonishing 17,073,170 times in 14 years, a feat unparalleled in modern financial history.
With forecasts of Bitcoin's valuation hitting millions in the years to come, this iconic date will continue to serve as an important reminder of the cryptocurrency's humble beginnings.
Shares of Papa John's were trading 0.35% higher during the after-market session.
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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