In the early days of cryptocurrency, a single transaction changed how the world viewed digital money. This is the story of that pivotal moment and the man behind it.
The First Bitcoin Transaction
On May 18, 2010, a programmer using the online alias Laszlo made a post on the BitcoinTalk forum. He offered 10,000 bitcoins to anyone who would get him two large pizzas. He specified his taste preferences and mentioned that the pizzas could be homemade or ordered for delivery.
At the time, Bitcoin was a novel concept. Very few people understood this new form of digital currency, and the idea of using it for real-world transactions was largely untested. Laszlo's post initially received little attention. A few users expressed interest but couldn't complete the order because they weren't located in the United States.
Four days later, on May 22, Laszlo updated his post. He announced that he had successfully obtained his pizzas and even shared a photo of them. This date would later become known in the crypto community as Bitcoin Pizza Day.
Why Spend Bitcoin on Pizza?
In a 2019 interview, Laszlo explained his motivation. He had been mining bitcoins using his computer and saw this as an opportunity to get free pizza. As a contributor to an open-source project, he felt he had "won the internet" that day. For him, it was a fun experiment—a way to see if this digital asset could actually be used to purchase real goods.
Mining bitcoins was relatively easy in those early days, especially for someone with technical skills. Laszlo, a programmer, was among the first to explore Bitcoin's potential. He is even credited with developing the method for using graphics cards (GPUs) to mine bitcoins more efficiently, which allowed him to accumulate a significant number of coins quickly.
The Aftermath of the Pizza Purchase
According to blockchain data, Laszlo's wallet saw substantial activity around the time of the pizza transaction. In May 2010, his balance peaked at over 20,000 bitcoins. By June, it had reached nearly 44,000 bitcoins. The 10,000 bitcoins he spent on pizza were quickly replenished through his mining activities.
As Bitcoin's value began to rise, people started commenting on his original forum post, updating the value of those two pizzas. Laszlo himself expressed surprise at how quickly Bitcoin's price increased.
No Regrets, Despite the Value
Even as the value of those 10,000 bitcoins soared into the millions, Laszlo never expressed regret. He stated in interviews that the transaction never caused him to lose sleep. In fact, he looked back on that time fondly—he was getting free pizza by simply using his computer.
After that first successful transaction, Laszlo continued to use Bitcoin for payments. It's estimated that he spent around 100,000 bitcoins in total on various purchases. At today's prices, that amount would be worth billions of dollars.
The Other Side of the Transaction
The person who accepted Laszlo's 10,000 bitcoins for the pizzas was a 19-year-old from California named Jeremy Sturdivant. Jeremy had been involved with Bitcoin since 2009 and had mined several thousand bitcoins himself. He was an early adopter who frequently used Bitcoin for transactions whenever possible.
Jeremy later revealed that he spent those 10,000 bitcoins on a trip with his girlfriend. In a 2018 interview, he admitted that he never anticipated Bitcoin's enormous price appreciation. Still, he had no regrets. The pizza transaction netted him around $400—a significant return on his initial effort.
The Legacy of Bitcoin Pizza Day
The story of Laszlo's pizza purchase has become a legendary part of cryptocurrency folklore. It demonstrated that Bitcoin could be used as a medium of exchange, moving beyond theoretical concept to practical utility.
Each year on May 22, the crypto community celebrates Bitcoin Pizza Day. It serves as a reminder of how far Bitcoin has come—from being worth mere cents to becoming a valuable digital asset recognized worldwide.
Laszlo's Continued Involvement
Despite his place in Bitcoin history, Laszlo has remained relatively private. He doesn't maintain public social media profiles, and little is known about his current wealth or involvement in cryptocurrency.
What we do know is that he continues to view Bitcoin as a hobby rather than a professional pursuit. He has expressed discomfort with the attention his pizza transaction received and specifically stated that he doesn't want people to mistake him for Bitcoin's mysterious creator, Satoshi Nakamoto.
Laszlo prefers to maintain a normal job and keep his involvement with Bitcoin at the hobbyist level. He's happy to have contributed to Bitcoin's early development—including creating the MacOS version of Bitcoin Core and pioneering GPU mining—but he doesn't seek the spotlight.
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Frequently Asked Questions
What was the value of 10,000 bitcoins when Laszlo bought the pizza?
At the time of the transaction in May 2010, 10,000 bitcoins were worth approximately $30. This was based on early informal exchanges of the digital currency.
How much would those bitcoins be worth today?
The value fluctuates constantly with market conditions, but at Bitcoin's highest valuations, those 10,000 bitcoins would have been worth hundreds of millions of dollars. Even at more moderate prices, they represent an enormous value.
Why doesn't Laszlo regret spending so much potential wealth?
Laszlo viewed the transaction as successful because it achieved his goal: proving Bitcoin could be used for real purchases. He also quickly replaced the spent bitcoins through mining and continued to accumulate more digital currency.
What happened to the person who received the bitcoins?
Jeremy Sturdivant, who accepted the 10,000 bitcoins for the pizzas, spent them on travel shortly after the transaction. He considered the $400 value he received to be a good return at the time.
How is Bitcoin Pizza Day celebrated?
The crypto community marks May 22 each year by sharing the story, sometimes organizing pizza parties paid for with cryptocurrency, and reflecting on Bitcoin's journey from obscure digital token to valuable asset.
Could a transaction like this happen today?
While possible, it's highly unlikely anyone would spend thousands of bitcoins on pizza today given their current value. However, many businesses now accept bitcoin for smaller purchases, continuing the tradition Laszlo started.
The story of Laszlo's pizza purchase remains a powerful reminder of technology's unpredictable journey and how early experiments can become defining moments in history.