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According to ecos.am, Jeremy Sturdivant received 10,000 Bitcoin—worth $41 at the time—for delivering two pizzas to Laszlo Hanyecz on May 22, 2010, marking Bitcoin’s first real-world spending event. Sturdivant didn’t keep those bitcoins for long. Instead, he spent the 10,000 BTC on travel around the United States and minor online purchases, a decision made years before Bitcoin became a high-value store of wealth. The $41 pizza delivery became iconic. That moment launched a legend.
Analysts note this event triggered one of the most infamous “what if” hypotheticals in cryptocurrency, showing how routine decisions can grow into cultural lessons about value and the rising potential of digital assets. The way Sturdivant spent his Bitcoin drives continuing conversations about opportunity, risk, and how new money changes the idea of fortune. A $41 transaction reset expectations in crypto.
May 22, 2010 Context
On May 22, 2010, Laszlo Hanyecz posted online offering 10,000 Bitcoin to anyone who would order and deliver two pizzas to his Florida home, making the first real-world Bitcoin purchase. Gate reports that Jeremy Sturdivant, then 19, accepted, ordered two Papa John’s pizzas, and validated Bitcoin as an exchange for tangible goods. Those coins? Worth less than half a cent each, totaling just $41.
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.
— Bitcoin Magazine (@BitcoinMagazine) May 22, 2026
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
First Real-World Transaction
Records indicate this event marked the first use of Bitcoin as an exchangeable currency, pushing it from technical experiment to something the public could use in daily life.
Bitcoin Pizza Day Legacy
The May 22 anniversary has since become Bitcoin Pizza Day. Crypto enthusiasts commemorate it yearly as the moment a trivial order sparked a financial revolution. Ecos.am reports the transaction’s staggering future value now makes it the most referenced event in public crypto memory. For many, that $41 transaction, which later became a multi-billion dollar fortune, marked the beginning of a new era for digital currency.
The Lost Fortune
Spending the 10,000 BTC
According to ecos.am, Jeremy Sturdivant spent nearly all 10,000 Bitcoin he received within months, treating them as “spending money” instead of an investment. He used the BTC for travel across the U.S., gas, and minimal electronics—reflecting how early adopters in 2010 viewed Bitcoin. At the time, the average price per Bitcoin was below $0.01, and few believed the coins would reach even hundreds, let alone thousands of dollars each.
Value Shift Over Time
Gate confirms the transition from Bitcoin as a novelty to a valuable asset didn’t arrive until years later, long after Sturdivant had spent his windfall.
Sturdivant’s quick spending contrasts steeply with later “hodlers.” Published research suggests over 60% of today’s Bitcoin supply is now considered “illiquid,” held in wallets for years and seldom moved.
$41 — Value of 10,000 BTC in May 2010
Different Perspectives on the Same Moment
Hanyecz Viewpoint
Ecos.am reports Laszlo Hanyecz and Jeremy Sturdivant saw the pizza transaction in fundamentally different ways. For Hanyecz, it was a technical milestone and proof-of-concept for real-world digital payment.
Sturdivant Viewpoint
Sturdivant saw Bitcoin as a practical payment tool and spent his coins immediately. Phemex reports he used them on everyday needs and online shopping, not as an investment. Sturdivant argued that if everybody hoarded, Bitcoin would stall. He stated: “If nobody spent their coins, Bitcoin would have lost its purpose.” Two attitudes collided—spenders powered early momentum, savers captured the future gains.
Hanyecz and Sturdivant made choices that shaped what Bitcoin would become.
| Participant | BTC Role in 2010 | BTC Spent in 2010 | 2021 Value* | Stated Regrets |
|---|---|---|---|---|
| Laszlo Hanyecz | Buyer | 10,000 | $380 million | No, valued usability |
| Jeremy Sturdivant | Seller/Middleman | 10,000 | $380 million | No, promoted circulation |
*Estimated using 2021 all-time-high BTC price near $38,000 per coin.
The Legacy of Jeremy Sturdivant
Impact on Crypto Debates
Sturdivant’s statement, “If nobody spent their coins, Bitcoin would have lost its purpose,” has become a rebounding point in debates over adoption versus speculation.
Pizza Day and Lessons Learned
Ecos.am reports May 22 is now a day for reflection among crypto users and hopeful investors. “Bitcoin Pizza Day” features themed purchases and widespread in-jokes about lost billions.
- Lesson #1:Timing shapes more fortunes than invention alone in digital finance.
- Lesson #2:Those first to use new technology often benefit others, rather than themselves.
- Lesson #3:Mass adoption sometimes asks individual users to sacrifice outsized rewards for the cause.
$380 million — Peak 2021 value of 10,000 BTC
Trending Topics
Memes and Search Trends
As covered by cryptotimes.io, each May “Bitcoin Pizza Day” takes over social media, forums, and news platforms. Search terms like “missed fortune,” “Bitcoin Pizza Guy,” and “opportunity cost” trend yearly as Sturdivant’s 10,000 BTC are debated. In 2021, Bitcoin’s high above $38,000 per coin briefly valued the original 10,000 BTC at $380 million—a number that reappears in memes with every swing.
60%+ — BTC illiquid as of 2026 (held, not spent)
Pinned
Forum Stories and Business School Examples
Gate.com reports “The Bitcoin Pizza Guy” story is pinned to the top of crypto forums and finance threads every May. User threads detail the 2010 pizza purchase as the ultimate warning on opportunity cost, and as a lesson on holding versus spending. The $41 pizza buy—once worth $380 million—features in beginner guides, public talks, and business school case studies.
Pizza Day Commercial Tie-Ins
Large pizza chains and crypto companies launch “Pizza Day” promotions each May, with themed swag or NFTs tied to blockchain proofs. Phemex reports these campaigns spark thousands of online mentions, keeping the question alive: how did Jeremy Sturdivant spend the 10,000 Bitcoin pizza fortune?
$0.0041 — Approximate BTC price per coin on May 22, 2010
Introduction
Period Context and Notability
Ecos.am states that to understand Bitcoin’s pizza story, you need to see Jeremy Sturdivant’s choices as a sign of their time. In 2010, Bitcoin was dismissed as a novelty, with value so low most treated it as experimental—prompting early spenders to favor real-world use over speculation. The story’s pull comes from the extreme gap between what was spent—$41 in digital coins—and what could have been gained by holding.
Crypto Lessons and Legacy
Published research finds almost no other modern parable provokes as much “what if” per dollar as Bitcoin Pizza Day.
For more on risk attitudes and epic crypto transactions, see the extended analysis in The Cultural Impact of Jeremy Sturdivant’s 10,000 Bitcoin Pizza Purchase.
The Bitcoin Pizza Day phenomenon—and the legend of Sturdivant—looks set to outlast the next wave of technology, staying a marker for risk, regret, and revolution in all forms of currency. Experts confirm the echo of that $41 pizza is felt in every crypto bull run.
Disclaimer: The content on this page is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
Sarah Williams is a blockchain technology editor and investigative journalist with 6 years of dedicated crypto reporting. Formerly an editor at CoinDesk, Sarah has broken stories on exchange insolvencies, DeFi exploits, and regulatory enforcement actions. She holds a B.S. in Computer Science from MIT and contributes to the MIT Digital Currency Initiative. Sarah is a frequent speaker at Consensus, Token2049, and ETHGlobal events.
Conflicts of interest
I hold no positions in any cryptocurrency mentioned in my coverage. All investment-related content is reviewed by senior editors before publication. I am not compensated by any project I cover.
