Right around now, when bitcoin reaches a flashy new all-time high, financial reporters inevitably highlight the story of Laszlo Hanyecz. And who are we to buck that time-honored tradition?
For those who don’t recognize the name, Hanyecz’s tale is one etched in the crypto annals. A software developer by trade, Hanyecz was one of the first-ever bitcoin miners, someone who uses computing power to create more bitcoin. Nowadays, mining is a sophisticated global business—but back in 2010, only a year after bitcoin’s debut, Hanyecz was able to accrue a sizable hoard of bitcoins by himself.
Of course, they were only worth a few pennies at the time, and Hanyecz couldn’t exactly use them for much of anything. But on May 22, 2010, Hanyecz made history as the first person to ever use bitcoin in a financial transaction. So, what’d he buy?
Two Papa John’s pizzas for $25.00, or approximately 10,000 bitcoins—which the rough math says would be worth a little over $1,000,000,000 today.
Hanyecz’s story is something of a parable in the crypto community, highlighting the perils of bailing on the technology too early, reinforcing the “hodl” attitude many bitcoin zealots hold dear. But his tale has come to be celebrated as well, with May 22 widely known in crypto circles as Pizza Day.
Who knows what the history books will call today.—MR
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