Originally published on: November 23, 2024
Back in 2010, programmer Laszlo Hanyecz made history by ordering two Papa John’s pizzas for 10,000 Bitcoin. Little did he know that this transaction would go down in crypto lore as one of the most expensive pizza purchases ever. Fast forward to today, and those two pizzas are estimated to have cost Laszlo a staggering $978 million!
In a candid interview with CBS’ 60 Minutes in 2019, Hanyecz reflected on the momentous event that marked the first-ever commercial Bitcoin transaction. The tale of his costly mistake has since become a beloved meme in the crypto community, especially as the price of Bitcoin continues to skyrocket with each passing cycle.
Dubbed ‘Pizza Day’ by Bitcoin enthusiasts, the infamous purchase took place on May 22, 2010. At the time, spending 10,000 BTC on pizza seemed like a steal, amounting to just $41. However, by 2016, the value of those same 10,000 BTC had soared to an eye-watering $4.4 million. Two years later, on Pizza Day 2018, the total value shot up to a staggering $41 million, marking a tenfold increase since 2016.
As the price of Bitcoin reached new heights in 2020, the opportunity cost of those 10,000 BTC skyrocketed to over $80 million. By Pizza Day 2022, the opportunity cost had surged to over $300 million, growing by an order of magnitude. However, the bear market of 2023 saw the total value of the 10,000 BTC dip to around $268 million, reversing the trend for the first time.
With industry experts predicting a Bitcoin price target of $180,000 by 2025, the opportunity cost of those two pizzas could potentially reach a jaw-dropping $2 billion around Pizza Day 2025. This incredible journey from a humble pizza purchase to a billion-dollar mistake serves as a cautionary tale in the unpredictable world of cryptocurrencies.
Don’t miss out on more fascinating stories like this. Subscribe to our Markets Outlook newsletter for critical insights on investment opportunities, risk mitigation, and trading strategies, delivered to your inbox every Monday. Just remember to agree to our Terms of Services and Privacy Policy when you sign up!