May 22, 2018 marks the eight-year anniversary of the first Bitcoin transaction, in which a Florida man paid for two pizzas with the cryptocurrency. The day has become part of folklore, not because of the transaction, but more the price: the man in question paid 10,000 Bitcoins, which today is worth over $80 million, for the two pizzas.
On May 22, 2010, now known as Bitcoin Pizza Day, Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John's pizzas. Organized on bitcointalk forum, the Florida man reached out for help. "I'll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day," Hanyecz wrote.
"I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I'm aiming for is getting food delivered in exchange for bitcoins where I don't have to order or prepare it myself, kind of like ordering a 'breakfast platter' at a hotel or something, they just bring you something to eat and you're happy!"
A British man took up Hanyecz's offer and bought the two pizzas for him in exchange for the 10,000 Bitcoins. Even then the recipient of the Bitcoins got himself a bargain, paying $25 for the pizzas, while 10,000 Bitcoins were worth around $41 at the time. (See also: Basics For Buying And Investing In Bitcoin)
Since the inception of Bitcoin, Hanyeczs' pizzas have got more and more expensive. Nine months after the purchase, Bitcoin reached parity with the U.S. dollar, making the two pizzas worth $10,000 and in 2015 -- the fifth anniversary of Bitcoin Pizza Day -- the two pizzas were valued at $2.4 million. Today, Bitcoin is at just over $8200, making the pizzas worth...you get it. (See also: The 6 Most Important Cryptocurrencies Other Than Bitcoin)
Despite the astronomical rise in the price of Bitcoin it seems Hanyecz is not phased about his deal. "It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool," Hanyecz told the NY Times.