Laszlo Hanyecz and Jeremy: Two Faces of Bitcoin Pizza Day 🍕

Bitcoin Pizza Day (May 22, 2010) is more than just a cryptocurrency anecdote. It’s a story about two different choices that reflect the entire evolution of the approach to Bitcoin. While most people know Laszlo Hanyecz—the man who paid 10,000 BTC for two Papa John’s pizzas—far fewer are aware of the other side of that transaction and what really happened in the early cryptocurrency market.

Laszlo Hanyecz: The Man Who Created a Legend

Laszlo Hanyecz made history as a programmer who conducted the first known real-world Bitcoin transaction. At the time of the deal, 10,000 BTC was worth only about $41—an amount comparable to a typical pizza order. Today, that same amount of Bitcoin would be worth over $683 million at the current rate of $68,370 per BTC.

However, Laszlo Hanyecz’s decision wasn’t irrational in the context of that time. Bitcoin wasn’t seen as a store of value or an investment back then, but as an experimental currency meant for actual use. Laszlo simply wanted to see if Bitcoin could function in real commercial transactions. His action was an act of faith in the future of this technology, not a calculated profit.

Jeremy Sturdivant: The Unsung Hero on the Other Side

But Laszlo Hanyecz wouldn’t have been able to make that transaction without Jeremy Sturdivant, then a 19-year-old known online as “jercos.” Jeremy was a seller—someone who agreed to accept 10,000 BTC in exchange for goods from the real world.

Unlike Laszlo Hanyecz, whose decision became famous and debated for years, Jeremy chose a completely different path. Instead of holding onto his Bitcoin, he systematically spent or traded it as Bitcoin gained popularity within online communities. His approach was typical of early adopters—when the value was uncertain, there was little point in hoarding something that might turn out to be worthless.

Two Worlds: Laszlo Hanyecz and Jeremy in Perspective

Comparing these two stories reveals a fundamental difference in mindset among early Bitcoin ecosystem participants. Laszlo Hanyecz, a programmer who consciously experimented with the technology, saw Bitcoin’s future. Jeremy, an ordinary guy from forums, saw an opportunity to earn or quickly exchange.

Laszlo Hanyecz’s story is often told as a cautionary tale—about missed opportunities and what could have been. Jeremy’s story reminds us that Bitcoin had to go through a phase where people were willing to spend it in order for it to become a real medium of exchange. Without people like Jeremy, who accepted BTC as currency, Bitcoin would have remained just a theoretical concept.

Lessons from Bitcoin Pizza Day

Today, with Bitcoin reaching $68,370 (as of March 7, 2026), we can evaluate both decisions in hindsight. But both were rational in their own historical context.

Laszlo Hanyecz showed that Bitcoin could be used for real transactions. Jeremy demonstrated that early adoption of the technology required not only faith but also a willingness to actively use new tools. The story of that day isn’t just a lesson about what we could have earned—it’s about how early adopters’ decisions shaped the future of the entire industry.

Next time you celebrate Bitcoin Pizza Day, remember both Laszlo Hanyecz and Jeremy Sturdivant. Both played essential roles in transforming Bitcoin from an academic experiment into the global phenomenon it is today.