Laszlo Hanyecz, on May 22, 2010, paid Jeremy Sturdivant 10, 000 bitcoins for the two Papa John’s Pizzas that were delivered to Hanyecz’s house. This exchange was widely celebrated as it is considered the first commercial transaction using bitcoin as a medium of exchange.

Bitcoin Pizza Day invites the most ridiculous and disingenuous take on bitcoin: “Wow that guy is stupid, if that bitcoin was held, he would have more than $270 million!” He got two pizzas instead.”

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Would he really?

In 2010, 10,000 BTC was not a large sum of money. 10,000 bitcoins bought about two pizzas in 2010. Bitcoin wouldn’t be worth anything if nobody ever used it. That is why Bitcoin Pizza Day has such importance.

It’s true for many things, but the parabolic rise of bitcoin was in plain view. This makes it easy to grasp onto. This hypothetical example will show how false the claim that “this guy is stupid” is.

Imagine a company that has four co-founders and hires their first employee. After their first year, the employee receives a $50,000 salary in cash and a 1% share of the (worthless!) company. This employee decides to go on a sabbatical and hike the Appalachian Trail. They decide to leave the company after their trip.

Imagine the hypothetical company as a technology firm – maybe a popular social media website. After eight years of hyperbolic expansion, the company goes public with a valuation of $100 billion. Employee #1 becomes incredibly wealthy. But did the hypothetical social media company actually pay its first employee $1 billion per year?

U.S. Some say that the debt deal could affect bitcoin price.

Of course not. They gave them $50,000 in cash and 1% ownership of a worthless company at the time. Hanyecz paid $10,000 bitcoins instead of $270 million in 2010 for two pizzas because that was the price for two in 2010.

Bitcoin could have crashed spectacularly. could also have failed that technology company. Bitcoin Pizza Day is a day that could have changed the way people use digital cash, which Satoshi Nakamoto, Bitcoin’s creator, called peer-topeer money. Bitcoin would no longer be a magic, valueless internet currency for geeks.

Laszlo Haneycz and Jeremy Sturdivant are the pizza pioneers who launched the bitcoin economy.

All bitcoiners should be thankful for their transaction because it helped to establish the foundation of bitcoin’s real monetary value.