Bitcoin Pizza Day Celebrates Cryptocurrency On The Rise

CHICAGO (CBS) -- Chances are if you've purchased a pizza before, you probably paid about $25, but one man paid more than $80 million for two pizzas.

CBS 2's Charlie De Mar reports the power and rise of cryptocurrency.

Tonight people toasted to pizza and innovation, celebrating Bitcoin Pizza Day with a pizza party.

In 2010, a developer bought two Papa John's pizzas for 10,000 bitcoins worth about $25, according to coindesk.com.

Hannah Rosenberg, a bitcoin user, said, "It's the first documented purchase of a good with bitcoin."

At last check, a single bitcoin is worth over $8,000 U.S. dollars, meaning those same two pizzas at a cost of $10,000 bitcoin at today's evaluation would be worth well over $80 million.

"It had to happen to somebody. It does make me cringe a little bit though," stated Jeremy Cagan, a bitcoin user.

"It's a really good excuse to get together and eat some pizza, but it's also a really important moment in bitcoins history," stated Rosenberg.

Bitcoin Pizza Day, while some may say it's quirky, marks a huge step forward, opening the door for hundreds of thousands of other online sources to accept the currency.

"The next step is we are going to start seeing applications and people's lives change because of it," stated an event attendee and bitcoin advocate. "It's the future."

In an interview with the New York Times, the man who bought those two pizzas eight years ago said he wasn't upset by his decision because bitcoins didn't have any value, so at the time, the idea of trading bitcoin for pizza was pretty cool.