The True Story of Buying Pizza with Bitcoin: The Forgotten Transaction Pioneer

On May 22, 2010, an seemingly ordinary transaction took place online, which later became one of the most iconic moments in cryptocurrency history. Programmer Laszlo Hanyecz used 10,000 Bitcoins to buy two Papa John’s pizzas, a transaction that ultimately wrote a famous chapter in Bitcoin’s development. But among all the discussions about this “spender,” few mention another key figure—the seller who accepted and held those 10,000 BTC. To this day (March 15, 2026), the value of those 10,000 Bitcoins has reached approximately $716 million, yet the story’s other half remains largely unknown.

The Overlooked Hero of History: Jeremy Sturdivant

When Laszlo posted his transaction proposal on the Bitcoin forum, a 19-year-old responded to his call. This person was Jeremy Sturdivant, known in the Bitcoin community by the nickname “jercos.” Unlike many later Bitcoin followers, Jeremy didn’t participate for speculation; he was among the early adopters—pioneers who truly believed in Bitcoin’s practical value.

Jeremy didn’t hesitate to accept the offer to buy pizza with Bitcoin. To him, it was more than just a simple exchange of goods; it was an experiment in a new monetary system. At the time, few could foresee Bitcoin evolving into a global asset. Cryptocurrency was still seen as a geeky toy rather than a future financial tool.

Why Jeremy Chose Spending Over Hoarding

Unlike Laszlo, who held onto his 10,000 BTC until mid-2010 before selling, Jeremy took a completely different approach to his digital assets. He was neither a passive holder nor a speculator. Instead, as a trader and community participant, he gradually used and exchanged his Bitcoins.

In interviews, Jeremy openly stated he has never regretted selling those Bitcoins. This stance reflects the mindset of early Bitcoin participants—at that time, Bitcoin was viewed as a currency that could be used and traded, not a scarce asset to hoard. The concept of “HODLing” hadn’t yet become central to crypto culture. Jeremy’s actions embody the original vision of Bitcoin’s creator, Satoshi Nakamoto: a peer-to-peer electronic cash system.

The Unsung Participant in Commercialization

While Laszlo gained widespread attention and media interviews for this famous transaction, Jeremy Sturdivant chose to stay out of the spotlight. He didn’t leverage his role in this history to build a personal brand or seek business opportunities. As an early member of the Bitcoin community, Jeremy continued to participate in technology and crypto with a relatively low profile, often overshadowed by the tides of history.

Yet, it is figures like him who helped turn Bitcoin from theory into reality. Without participants like Jeremy, Bitcoin might have remained just an academic topic among cryptography and finance geeks.

Two Stories, Two Legends

Bitcoin Pizza Day is often told as a cautionary tale of “missed opportunities”—a story about how Laszlo “wasted” millions of dollars in assets. But this story overlooks an important fact: in Bitcoin’s early adoption phase, it was traders and merchants like Jeremy who accepted and used cryptocurrency, giving this emerging technology real-world value.

Laszlo’s story teaches us lessons about asset appreciation and opportunity costs. But Jeremy’s story reminds us that Bitcoin’s success depends not only on hoarders but also on early supporters who believed in its utility and were willing to trade.

The Forgotten Builders

When commemorating Bitcoin Pizza Day, we often only remember the “luxurious” decision of the buyer. But if we truly understand Bitcoin’s history, we should also respect participants like Jeremy Sturdivant. They proved that Bitcoin could be used for real transactions, and this usability ultimately propelled cryptocurrency from a niche hobby to a global phenomenon.

Next time you hear discussions about buying pizza with Bitcoin, remember to mention Jeremy Sturdivant. He is not only a participant in Bitcoin’s history but also an unsung hero who helped bring this revolutionary technology into reality.