10,000 BTC spent on pizzas in 2010 now worth $978M

In 2010, programmer Laszlo Hanyecz made history by spending 10,000 Bitcoin (CRYPTO:BTC) to buy two Papa John’s pizzas, marking the first commercial Bitcoin transaction. 

At today’s market value, those pizzas would cost nearly $978 million, making it one of the most infamous transactions in cryptocurrency history. 

“I just posted on the Forum. I said, ‘You know, if anybody's interested, I'm offering 10,000 Bitcoin in exchange for some pizza.’ Somebody there said, ‘Hey, I'll take you up on that offer,’ so I sent him the 10,000 Bitcoin. He paid with his credit card, and the pizza showed up at my door,” Hanyecz recounted the event in a 2019 CBS interview.

This transaction is celebrated annually on May 22 as “Pizza Day,” symbolising Bitcoin’s meteoric rise. 

The 10,000 BTC, valued at $41 in 2010, rose to $4.4 million by 2016, $41 million by 2018, and $80 million by 2020. 

During the bull market of 2022, the value exceeded $300 million. 

The 2023 bear market saw the opportunity cost drop to $268 million, but Bitcoin’s resurgence has renewed interest in this milestone. 

Analysts predict Bitcoin could reach $180,000 by 2025, potentially valuing the 10,000 BTC at nearly $2 billion. 

The transaction serves as a cautionary tale, highlighting the potential long-term value of holding Bitcoin despite price volatility. 

At the time of reporting, the Bitcoin price was $97,547.53.