Who bought the first Bitcoin? The first person to buy Bitcoin—or more accurately, to spend Bitcoin in exchange for a real-world good—was Laszlo Hanyecz, a programmer from Florida. His now-famous marketing on May 22, 2010, is the first documented Bitcoin investment. He paid 10,000 BTC for two Papa John’s pizzas, valued at around $41 at the time.
This moment is often called Bitcoin Pizza Day and is marked annually by the crypto community as a milestone in Bitcoin’s early adoption. To fully understand the significance of this event and who really “bought” Bitcoin first. We need to go back to the beginning of Bitcoin’s creation and how. It grew from an experimental digital currency to the global financial phenomenon it is today.
The Birth of Bitcoin.
The anonymous inventor of Bitcoin, Satoshi Nakamoto, first presented the cryptocurrency in a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” that was released in 2008. Nakamoto mined the genesis block (Block 0) in January 2009, yielding a 50 BTC reward. The Bitcoin blockchain was launched at this point.
Initially, Bitcoin had no monetary value. It was mined and traded by enthusiasts who believed in the concept of decentralized money. These early adopters were often cryptographers, computer scientists, and libertarians who saw Bitcoin as an alternative to centralized banking and fiat currencies.
Who Mined and Owned the First Bitcoin?
The first person to own Bitcoin was Satoshi Nakamoto. By drilling the first block, Nakamoto created and received the first 50 BTC. Over time, Nakamoto mined approximately 1 million BTC, although these coins have never been moved, sold, or spent. As such, while Nakamoto was the first to acquire Bitcoin, he never publicly “spent” it in a commercial transaction.
Others who joined the Bitcoin network in its early days also began mining and accumulating Bitcoin. These included prominent figures like Hal Finney, a well-known cryptographer and one of the first people to receive Bitcoin directly from Satoshi in a transaction.
Laszlo Hanyecz and the First Bitcoin Purchase.
Laszlo Hanyecz is credited with conducting the first real-world transaction using Bitcoin. On May 18, 2010, he publicized a message on the Bitcointalk forum, stating:
“For a couple of pizzas, perhaps two large ones, so I have some leftover for the next day, I’ll pay 10,000 bitcoins.”
After a few days, a fellow forum user accepted his offer and had two pizzas delivered to Hanyecz’s home. In return, Hanyecz sent them 10,000 BTC. At that time, Bitcoin’s value was roughly $0.004, so the total purchase price came to about $41.
This was not a “buy” in the traditional sense of purchasing Bitcoin with fiat currency. Instead, it was the first time Bitcoin was used as a medium of exchange to buy a physical product. It demonstrated that Bitcoin had practical use and laid the groundwork for its evolution into a digital currency accepted by merchants.
Who First Bought Bitcoin with Fiat Currency?
The earliest known purchases of Bitcoin with traditional money were made in late 2009 and early 2010 through peer-to-peer trades or early exchanges like NewLibertyStandard, which calculated Bitcoin’s price based on electricity costs. At one point, the price was calculated as 1,309.03 BTC per USD 1.
Another notable early adopter was Martti Malmi, a Finnish developer who worked closely with Satoshi. He created the first Bitcoin-to-fiat exchange service called bitcoinexchange.com and sold 5,050 BTC for $5.02 via PayPal in 2009. That transaction valued Bitcoin at roughly $0.00099 per BTC — an incredible deal in hindsight.
Later, exchanges like Mt. Gox, founded in 2010, began formalizing Bitcoin trading with fiat currencies, leading to more structured markets and price discovery mechanisms.
Why Laszlo’s Pizza Matters.
While many people mined, traded, or exchanged Bitcoin early on, Laszlo Hanyecz’s pizza transaction was different. It was the first time Bitcoin had a tangible, real-world value, even if the valuation was symbolic. It answered a critical question: Can Bitcoin be used to buy something real?
The fact that someone was willing to part with a real product — pizza — in exchange for Bitcoin gave it intrinsic value. It turned Bitcoin from a theoretical project into a usable currency.
In hindsight, 10,000 BTC would be worth hundreds of millions of dollars today, depending on the market price. However, Laszlo doesn’t regret his decision. He has said in interviews that he’s proud to have contributed to Bitcoin’s history, even if the price tag seems shocking today.
Who “Bought” First Bitcoin?
If we interpret “bought” as who first acquired Bitcoin, then the answer is Satoshi Nakamoto, who mined the first coins in 2009.
If we interpret it as who first bought Bitcoin with fiat currency, then people like Martti Malmi or early NewLibertyStandard users were likely the first.
But if we ask who first used Bitcoin to buy something, then the credit goes to Laszlo Hanyecz, who used 10,000 BTC to purchase pizza in May 2010. This was a pivotal event in Bitcoin history because it proved that Bitcoin could function as money.
Conclusion.
The first person to “buy” Bitcoin depends on how you define the term. Satoshi Nakamoto created it. Early enthusiasts mined it. Martti Malmi and others traded it for Fiat. But it was Laszlo Hanyecz who first spent it in a way that brought Bitcoin into the real economy. His pizza purchase was a key moment in proving Bitcoin’s utility — a legacy that still resonates in the cryptocurrency world today.
