CoinGecko’s Bitcoin Pizza Day Index 2026: 1 BTC Buys 18,302 Papa John’s Pizzas

Cheaper Currencies More Pizzas

In India, 1 BTC buys 18,302 large Papa John's pizzas — the highest of any country in CoinGecko's 2026 Bitcoin Pizza Day Index, which tracked local Papa John's pizza prices across 15 countries on May 20, 2026. Calculations are made with the snapshotted BTC price of $77,357 on May 22, 2026. The number of pizzas a single Bitcoin can buy ranges dramatically depending on where in the world you're ordering from, a signal of the stark differences in purchasing power globally.

Egypt and Pakistan round out the top three, with 1 BTC buying 15,065 and 12,377 pizzas respectively. All three leading countries share two things: relatively low local pizza prices and weaker currencies against the US dollar. India's local price of ₹399 — roughly $4.23 USD per large pizza — makes it the most affordable Papa John's market in the index by a significant margin. Compare that to South Korea, where a large Papa John's pizza runs ₩31,500 ($20.99 USD), the priciest in the index and nearly 5x the Indian equivalent.

The USA, the birthplace of Papa John’s, ranked 13th out of 15 markets, with 1 BTC buying just 4,184 pizzas at the domestic price of $18.49. 

What Is Bitcoin Pizza Day?

Bitcoin Pizza Day marks the first known real-world commercial transaction using Bitcoin. On May 22, 2010, a Florida-based programmer named Laszlo Hanyecz posted on the Bitcointalk forum offering 10,000 BTC to anyone who would order him two pizzas. A fellow forum user, Jeremy Sturdivant (known online as "jercos"), took up the offer and ordered two Papa John's pizzas for roughly $41. At that time, 10,000 BTC was worth about $41. Today, those same coins are worth over $768 million. Every May 22, the crypto community marks the occasion with a mix of celebration and good-natured grief on behalf of Laszlo

Similarities to the “Big Mac Index”

The index also doubles as an informal Bitcoin Purchasing Power Index. Much like The Economist's Big Mac Index uses burger prices to compare currency valuations, CoinGecko's Pizza Day Index reveals how dramatically Bitcoin's real-world purchasing power varies by geography. The 5x gap between India (18,302  pizzas) and South Korea (3,686 pizzas) reflects not just local pizza pricing, but broader differences in cost of living and currency strength. Notably, Egypt and Turkey (countries with significant currency depreciation) rank 2nd and 10th respectively, illustrating how inflation that erodes local purchasing power can paradoxically boost Bitcoin's real-world value in those markets. For holders in weaker currency economies, 1 BTC simply stretches further.

Methodology

For this index, CoinGecko collected the local menu price of a large Papa John's cheese pizza (or its closest equivalent) across 15 countries on May 22, 2026. Local prices were converted to USD using spot exchange rates as of May 22, 2026. The number of pizzas per BTC was calculated by dividing the BTC/USD price on May 22, 2026 ($77,357) by the USD-equivalent local pizza price. Countries were selected to best represent global populations across geographic regions; the index does not constitute a comprehensive survey of all Papa John's operating markets.

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Related: The Most Expensive Pizza Purchase in History: A Bitcoin Pizza Day Retrospective

This study is for illustrative and informational purposes only, and is not financial advice.

Rankings Table: Bitcoin Pizza Day Index 2026

BTC price used: $77, 357 (May 22, 2026). Countries selected to best represent global populations, sorted by number of pizzas purchasable with 1 BTC.