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May 22, 2021 10:34 pm

Papa John's Celebrates 'Bitcoin Pizza Day' - as Price of Bitcoin Drops to $38,240

Business Insider re-visits the story of why May 22nd is celebrated as "Bitcoin Pizza Day."Exactly 11 years ago today, a software programmer from Florida, Laszlo Hanyecz, became well known in the crypto world after trading 10,000 bitcoins for two Papa John's pizzas. In honor of that purchase, the date is now celebrated in the crypto calendar as "Bitcoin Pizza Day." "It wasn't like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool," Hanyecz said in an interview with the New York Times in 2013... In 2018, he gave an interview to Cointelegraph. He said: "You know, I don't regret it. I think that it's great that I got to be part of the early history of bitcoin in that way, and people know about the pizza and it's an interesting story because everybody can kind of relate to that and be [like] - "Oh my God, you spent all of that money!" So today Papa John's is giving away 10,000 slices of pizza to commemorate their place in history, another Business Insider article reports. Justin Falciola, SVP, chief insights & technology officer, tells them that "Celebrating National Bitcoin Pizza Day felt like a natural extension of Papa John's historical tie to the bitcoin story... It's great for consumer brands to show that they're aware of trends and emerging technologies. The benefit to this is meeting consumers where they are and continuing to build a meaningful connection." The link between pizza and bitcoin was further observed earlier in the week when crypto investor Anthony Pompliano launched a bitcoin-themed pizza service in the US that won't accept the digital asset as payment. As Insider's Shalini Nagarajan reported, the service will partner with independent pizzerias in 10 cities across the US, but won't accept bitcoin payments. All proceeds will go towards supporting research and development of bitcoin, Pompliano said. The article also points out that "Earlier this week, the crypto market lost 47% of its value in just seven days," and by Friday one bitcoin was worth $37,340. But another article notes that the 10,000 bitcoins traded for two Papa Johns pizzas would, at one point this year, have been worth $648,950,000.

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