For Bitcoin fans and the crypto community at large, May 22 represents a very special day, commonly referred to as Pizza Day. It marks the commemoration of the first documented commercial transaction using Bitcoin, which took place 15 years ago, at a time when no one really paid much attention to crypto and could hardly imagine the magnitude of what was about to come.
It's been a long journey for Bitcoin from those early days to the current era where it enjoys the status of digital gold, and following the BTC USD chart has become commonplace among traders and investors. But even though Bitcoin has evolved tremendously and experienced many transformations over the course of time, certain things never change, and the enthusiasm that people feel around this symbolic date is one of them.
This year, the celebration of this historical milestone coincided with a new all-time high for Bitcoin as the asset surged to $111,970, pushing past its previous peak of $109,300 set in January 2025. This made Pizza Day feel all the more meaningful and special, and offered further reasons for optimism regarding Bitcoin's future.
For the general audience, this is a good moment to serve a slice of crypto history and learn more about how the crypto phenomenon started.
Why Pizza Day?
If you don't know much about Bitcoin's past and crypto's humble beginnings, you're probably wondering what pizza has to do with Bitcoin, and rightfully so. Truth be told, the association seems rather odd, but there's a logical explanation behind it, so bear with us.
Back in 2010, Bitcoin wasn't the wildly popular digital form of money worth thousands of dollars that we know today; it was just an obscure invention that wasn't worth much and only a handful of people knew about "“ mostly individuals with a tech background and a penchant for disruptive innovations. Laszlo Hanyecz, a Florida-based developer, was one of those people, being an early Bitcoin miner and adopter.
On May 18, Laszlo decided he'd do a little experiment and posted a message on the Bitcoin Talk Forum, saying he was willing to pay 10,000 BTC to anyone who delivered him two pizzas. At the time, 10,000 BTC amounted to approximately $41 USD. He even mentioned what kind of toppings he preferred and then waited for someone to respond to his invitation. It was radio silence for a few days since crypto connoisseurs were scarce, and this wasn't an ordinary offer to begin with.
However, on May 22, Hanyecz returned with an update: a user named jercos (Jeremy Sturdivant) accepted the offer and ordered two Papa John's pizzas that he had delivered to his home in Jacksonville. In return, Hanyecz sent him the 10,000 BTC he promised. He also posted a photo of the pizzas he received as proof. And that's how May 22 went down in history as Pizza Day.
Obviously, the first thought that comes to mind is how much money Laszlo would have today if he hadn't made that historical pizza purchase. Well, based on Bitcoin's current value, the 10,000 BTC that Laszlo spent on a quick dinner would be worth over $1 billion now. But wait, things get even more interesting. Laszlo revealed that this was not the only time he traded Bitcoin for pizza. He made several similar purchases in 2010, amounting to a total of 80,000 BTC. He also confessed that one of the people to whom he sent Bitcoin in exchange for pizza went on to purchase a house with those coins after Bitcoin's value went up.
Given the massive appreciation that Bitcoin saw in the following years, many also wonder if Laszlo had any regrets regarding his decision. After all, if he'd kept the coins, he would now be a billionaire. The programmer shared his thoughts on the matter in several interviews, and it turns out he doesn't feel sorry for how things unfolded. He thought of Bitcoin as free money, so from his point of view, he didn't lose anything. On the contrary, he felt like he had the opportunity to contribute to the development of a project that he was passionate about "“ and also eat some delicious pizza.
Another year, another Pizza Day
Although the origin of Pizza Day has become the stuff of legends and is a fun story to tell, it's the symbolic significance of the event that's worth focusing on. Every year, crypto supporters from all around the world honor this moment by hosting all sorts of parties and celebrations (with plenty of pizza being served, obviously), but most importantly by reflecting on Bitcoin's journey so far.
On that fateful day, 15 years ago, Bitcoin demonstrated it wasn't just this abstract asset, forever locked in a digital environment. Laszlo's transaction showed everyone that Bitcoin had real functionality and could indeed provide something of value. Therefore, Pizza Day serves as a reminder of Bitcoin's utility and of how far the crypto leader and the industry it created have come.
It feels almost poetic that this year Pizza Day aligned with a new record high for Bitcoin. It's like the original crypto has completed a fundamental stage in its development, and now we're all eager to see what the future might bring.
What's next for Bitcoin?
It's been 15 years since Bitcoin proved to the world that it was not an inconsequential or useless invention like some argued, but it could actually be a practical financial tool that can make a difference to people. Nevertheless, there are many obstacles that Bitcoin, along with the numerous digital currencies it inspired, have to overcome in order to achieve mainstream acceptance.
As an instrument that challenges the way the traditional financial system operates and has the potential to become a major disruptor in the economic sphere, crypto's road to legitimacy is only just beginning. And if there's anything we've learned from its past trajectory, it is that no one can really predict where Bitcoin is headed.
