Bitcoin Magazine
Happy Bitcoin Pizza Day, The 16th Anniversary of Laszlo Hanyecz Paying 10,000 BTC For Two Papa John’s Pies
Sixteen years ago today, a Florida programmer named Laszlo Hanyecz paid 10,000 Bitcoin for two large Papa John’s pizzas. At the time, those coins were worth roughly $41. On this Pizza Day, they are worth $777.87 million — down $328 million from last year’s anniversary price.
Bitcoin Pizza Day, observed each May 22, marks the first commercial transaction using Bitcoin — the moment a digital currency stopped being a theoretical experiment and became a medium of exchange for real goods.
On May 18, 2010, Hanyecz posted on the BitcoinTalk forum with a straightforward offer: 10,000 BTC to anyone willing to order him two pizzas. Some forum users were skeptical — one pointed out he could sell the coins for $41 in cash.
Hanyecz’s reply was simple: “I just think it would be interesting if I could say that I paid for a pizza in Bitcoins”. Four days later, a then-19-year-old forum user named Jeremy Sturdivant accepted, ordered the pies from Papa John’s, and collected 10,000 BTC via manual transfer. Bitcoin had its first exchange rate against a consumer good.
Everyone talks about the guy who paid 10,000 bitcoin for two pizzas, but no one talks about the guy who received the 10,000 bitcoin.Meet Jeremy Sturdivant, the man who got paid 10,000 BTC for selling two pizzas on this day in 2010.“I had no idea how huge it would become” pic.twitter.com/0Svz1fkFsU— Bitcoin Magazine (@BitcoinMagazine) May 22, 2026
The $328 million bitcoin haircut
Every May 22, that fixed 10,000 BTC gets revalued at the day’s spot price — the cleanest annual benchmark crypto has. In 2024, the stack was worth $674 million. In 2025, it hit a record $1.106 billion, with Bitcoin trading at $110,568 on that day’s all-time high. Today, with Bitcoin near $77,300, the stack sits at $777.87 million — down 29.7% from last year.
The decline began on October 6, 2025, when Bitcoin reached a fresh all-time high of $126,000. Four days later, President Donald Trump announced 100% tariffs on Chinese imports and export controls on critical U.S. software.
Within hours, total crypto market capitalization fell nearly $200 billion in a single session, Bitcoin dropped from $122,000 to $107,000, and approximately $19 billion in leveraged positions were liquidated — the largest single-day liquidation event in crypto history.
The worst start since 2018
Q1 2026 became Bitcoin’s third-worst opening quarter on record, closing down 23.2%, with spot Bitcoin ETFs bleeding $4.5 billion in outflows across the first eight weeks of the year. Iran tensions compounded the pressure, as U.S.-Israeli airstrikes on February 28 triggered a sharp risk-off rotation, trapping Bitcoin between $60,000 and $75,000 for much of March.
Q2 has brought partial recovery — Bitcoin has climbed roughly 14% over the quarter — but the broad
