On May 22, 2010, a developer named Laszlo Hanyecz made history when he became the first person to use Bitcoin to purchase a physical item. That physical item? Two large pizzas from Papa John’s. At the time, the value of the 10,000 Bitcoins Hanyecz spent on the pizzas was just $41. Today, the value of those 10,000 has more than exponentially soared- and those bitcoins would be worth around $370 million!
This event has become known as Bitcoin Pizza Day, and every year on May 22, cryptocurrency enthusiasts around the world celebrate this revolutionary moment in financial history. Hanyecz’s decision to spend his Bitcoins on pizza demonstrated that the cryptocurrency was more than just a speculative investment. It was a real and practical form of currency that could be used to purchase goods and services.
But beyond the practical implications, Bitcoin Pizza Day is a reminder of the power of innovation and experimentation. The untapped potential of such a mode of exchange has since garnered the attention of millions around the world. Laszlo Hanyecz’s decision to use Bitcoin to buy pizza demonstrated the potential of this new technology, and it paved the way for countless others to use cryptocurrencies as a medium of exchange.
To commemorate this moment in history, Magnolia Hotel, partnered with and sponsored by Pizza DAO, had offered free pizza to guests on May 22nd 2023. Pizza DAO sponsors pizza events throughout the world on Bitcoin Pizza Day, and Magnolia Hotel became their first partner in Ethiopia. Guests enjoyed delicious pizza and learned more about this revolutionary transaction through educational seminars and discussions, and also had the chance to learn about Blockchain and Web3 Technology. So, let’s raise a slice of pizza to Laszlo Hanyecz and his groundbreaking purchase! To a future where cryptocurrencies continue to disrupt the financial landscape and continue to give the world a new, more flexible, yet somewhat unpredictable, mode of exchange!
