Crypto 101 with Jonathan · Lesson 3 of 8
Two pizzas. 10,000 bitcoin.
The most famous purchase in crypto history, and what it says about how far Bitcoin has come.
In this lesson
- In 2010 a programmer paid 10,000 bitcoin for two pizzas, the first known purchase of a physical thing with Bitcoin.
- At the time Bitcoin was a hobby for a small group of enthusiasts.
- Today it is held by individuals, companies and large institutions. The pizza story is the simplest way to see the distance travelled.
Lesson notes
In May 2010, a programmer in Florida posted on a forum offering 10,000 bitcoin to anyone who would order him two pizzas. Someone took him up on it. It is remembered as the first time Bitcoin was used to buy a physical thing.
Back then Bitcoin was a hobby. The people involved were mostly programmers and cryptography enthusiasts, and nobody could say whether it would be around in a year.
Today Bitcoin is held by individuals, companies and large financial institutions, and since 2024 it can be held through exchange-traded funds in an ordinary brokerage account. I am not going to put a price on the screen, because prices change and this lesson should still be true in a year. The point is the distance: from two pizzas to a world-stage asset.
Next lesson: the rule that makes Bitcoin different from almost every other kind of money. There will only ever be 21 million.