The journey from 2 pizzas to 1.1 billion USD
On May 22, 2010, a seemingly simple but historic event took place.
On May 18, 2010, Laszlo Hanyecz, a programmer in Florida, USA, posted on the BitcoinTalk forum, offering to pay 10,000 Bitcoins in exchange for two pizzas from Papa John's.
Four days later, a man in the UK accepted Hanyecz’s offer to have pizza delivered to his home. At the time, 10,000 Bitcoins were worth about $41, and the two pizzas cost $25. A picture of the two pizzas shared on the forum caught the attention of the fledgling cryptocurrency community.
Not only is this transaction an interesting story, it also marks the first time Bitcoin has been used as an actual medium of exchange, rather than just existing as a technical concept.
Bitcoin was just over a year old when Satoshi Nakamoto mined the Genesis Block on January 3, 2009, and received a reward of 50 Bitcoins. However, the real value of Bitcoin was not yet widely recognized, and Hanyecz’s transaction changed that.
Bitcoin’s subsequent rise has been nothing short of astonishing. Just nine months after the “Pizza Transaction,” the price of Bitcoin skyrocketed, making the two pizzas worth $10,000. Through successive halvings—the reduction of Bitcoin’s mining reward in half—the value of the coin has continued to soar, from $12 in late 2012 to $660 in mid-2016, to $8,600 in mid-2020, and to $70,000 in mid-2024.
As of the morning of May 22, 2025, the price of Bitcoin was recorded at more than 110,000 USD/BTC, bringing the value of 10,000 Bitcoins in the past to 1.1 billion USD.
This growth is not just a number, but also a reflection of the world 's growing attention to Bitcoin. From a small transaction, Bitcoin Pizza Day has become an icon, attracting the attention of the media, investors and the public. Articles, forums and discussions about cryptocurrencies began to spread, promoting the development of the digital currency community.
Looking back, Laszlo Hanyecz has no regrets about his transaction. He is proud of his part in history and believes that if it weren’t for him, someone else would have made the same transaction, paving the way for Bitcoin to become a global phenomenon.
The opening step to the blockchain era
Bitcoin Pizza Day is not only a story of financial value but also a milestone that marks the beginning of cryptocurrency as a practical means of payment. Hanyecz's transaction demonstrated that Bitcoin could be used to purchase goods, thereby sparking the idea of a decentralized financial system.
The event ushered in the blockchain era – the technology that underpins Bitcoin – with the potential to transform many areas, from finance to supply chain management.
The biggest impact of Bitcoin Pizza Day was the launch of the cryptocurrency market. From this transaction, thousands of other cryptocurrencies such as Ethereum, Ripple and Cardano were born, creating a diverse ecosystem.
Blockchain technology, with its transparent, secure, and decentralized properties, has been applied in many industries. For example, smart contracts on Ethereum allow for the automation of transactions without the need for intermediaries, while blockchain is used in supply chains to ensure transparency and traceability.
The event also boosted awareness of cryptocurrencies. The media began to cover it widely, from major newspapers to online forums, making the public more interested in the potential of Bitcoin. Major companies such as Binance and Coinbase held events to celebrate Bitcoin Pizza Day, making it a tradition in the digital currency community.
Furthermore, Hanyecz's transaction demonstrated that Bitcoin is not only an investment asset but also a means of payment, paving the way for innovations like the Lightning Network – a solution that makes Bitcoin transactions faster and cheaper.
In Vietnam, Bitcoin Pizza Day also has a special meaning. Although cryptocurrencies are not yet officially recognized, Vietnam is one of the countries with a high rate of digital currency adoption, according to a report by Chainalysis.
Many cafes and stores in Ho Chi Minh City and Hanoi have started accepting Bitcoin and other cryptocurrencies as a form of payment since the 2010s. Domestic blockchain projects, such as Axie Infinity, have put Vietnam on the global digital currency map, with millions of players and billions of dollars worth of transactions. Recently, SSI has also had projects in this field.
The Bitcoin Pizza Day event reminded the Vietnamese community of the potential of cryptocurrencies, but also emphasized the importance of risk management, due to the high volatility of the market.
Bitcoin Pizza Day also offers a lesson in long-term vision and innovation. Hanyecz's use of Bitcoin to buy pizza was a bold idea at the time, demonstrating that innovation can drive technology adoption.
However, Bitcoin’s meteoric rise is also a reminder of the volatility of the cryptocurrency market. Investors need to have a risk management strategy, especially in the context of Bitcoin’s sharp price fluctuations, which fell from $61,000/BTC in November 2021 to $16,000/BTC in December 2022.
Meanwhile in Vietnam, regulations on cryptocurrencies are still being finalized.
Source: https://vietnamnet.vn/pizza-day-22-5-hai-chiec-pizza-gia-1-1-ty-usd-buoc-mo-dau-mot-ky-nguyen-moi-2403612.html
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