Currently, Bitcoin's price has surpassed $110,000, setting a new historical high. May 22 coincides with the annual 'Pizza Day,' a commemorative day spontaneously formed by the cryptocurrency community, once again drawing people's attention back to the moment 15 years ago that rewrote history—those pizzas worth $1.1 billion.
1. A starting point for value enlightenment
In 2010, the Bitcoin network was still in the 'primitive society' stage, with the total hash rate less than one trillionth of today's. Exchanges had not yet emerged, and holders were mostly geeks and technology enthusiasts. When Laszlo posted on the forum proposing 'to buy pizza with Bitcoin,' the 'value anchoring' of cryptocurrency was still a blank slate.
On May 22, 2010, American programmer Laszlo Hanyecz bought two Papa John's pizzas for 10,000 bitcoins, marking the first time Bitcoin was used as a payment method in the real world. At that time, those 10,000 bitcoins were worth about $41, averaging just $0.0041 per bitcoin.
Today, 15 years later, based on Bitcoin's price exceeding $100,000, the value of those two pizzas has reached an astonishing $1 billion. This figure not only marks a milestone in Bitcoin's early development but also reveals the epic leap of cryptocurrency from a fringe experiment to a global asset.
2. The Bitcoin price curve over the past 15 years
From $0.0041 to $110,000 15 years later, by organizing Bitcoin price data from each May 22, according to bitsCrunch.com data, one can clearly capture the key cycles and driving logic in its development trajectory. The chart below shows Bitcoin's price performance during past Pizza Days.
Data source: bitsCrunch.com
Technology perfection period (2010-2013): From proof of concept to initial application, Bitcoin proved the feasibility of decentralized currency.
In May 2011, Bitcoin's price rose to $6.8, and the emergence of the dark web 'Silk Road' first showcased its anonymous payment potential. In May 2013, the price broke through $122, and the Cyprus debt crisis during the same period pushed Bitcoin into the mainstream perception as a 'safe-haven asset,' with an annual increase of 5,400%.
Speculative frenzy period (2014-2017): The dramatic price fluctuations attracted global attention but also exposed the immaturity of the market.
In 2014, the Mt. Gox exchange theft incident caused the price to plummet from $525 to $240 (in 2015), marking the market's first large-scale risk education experience. Subsequently, technological breakthroughs such as Ethereum smart contracts and the Lightning Network drove ecological expansion. In May 2017, the price rebounded to $2,100, and in December of the same year, due to the ICO frenzy, it surged to $19,783, completing the first 'super cycle.'
Institutional awareness period (2018-2021): Traditional financial institutions began to take Bitcoin seriously, viewing it as part of digital asset allocation.
In the 2018 bear market, many people exited the market directly, but institutions like Grayscale Trust and MicroStrategy laid the foundation for long-term buying. In May 2021, the price reached $37,500, and countries like Tesla and El Salvador included Bitcoin in their balance sheets; in 2024, the approval of the US Bitcoin spot ETF, the fourth halving, and the global fiat currency inflation pressure resonated, pushing the price past $71,400, with an annualized return of 217%.
The chart below shows Bitcoin's monthly performance from May 2017 to May 2024.
Data source: bitsCrunch.com
Mainstream acceptance period (2022-2025): The regulatory framework is gradually improving, ETFs have been approved, and Bitcoin has officially entered traditional investment portfolios.
With the advancement of global central bank digital currencies, the maturity of the Web3 ecosystem, and the deep application of blockchain technology across various industries, digital currencies are reshaping our economic system. As the pioneer of this revolution, Bitcoin's value is not only reflected in its price but also in the decentralized ideals and technological innovation it represents.
3. Structural changes behind historical highs
Today, Bitcoin's market capitalization has exceeded $2.1 trillion, surpassing Amazon, becoming the fifth largest asset in the world. Its value-supporting logic has undergone a fundamental transformation: firstly, the strengthening of its macro-hedging properties; secondly, the implementation of regulatory bills in the US and Europe for the crypto market; thirdly, compliant channels such as Coinbase and BlackRock have opened the traditional funding entrance.
Laszlo's 10,000 bitcoins were once mocked as a 'foolish transaction,' but viewed from today's perspective, this trade perfectly illustrates the essence of the Austrian School's 'subjective theory of value'—value does not stem from the entity itself but is a reflection of collective consensus. Over the past 15 years, Bitcoin has evolved from a code experiment on geek forums to a 'freedom currency' believed by hundreds of millions, with its price volatility curve actually representing humanity's evolutionary history of understanding decentralized finance.
4. Conclusion: Consensus creates value
On social media, the #PizzaDay topic becomes popular every year, with people sharing their pizza photos, reminiscing about Bitcoin's development history, and looking forward to the future of digital currencies. This tradition has transcended mere commemoration, becoming a symbol of cohesion for the entire cryptocurrency community.
Looking back from the historical peak of $110,000, Pizza Day has long transcended its simple commemorative significance, becoming a cultural totem of the crypto spirit: it reminds us that the power of technological innovation and institutional reconstruction often begins with the smallest practices. Just as Satoshi Nakamoto embedded the (Times) headline 'Chancellor on brink of second bailout for banks' in the genesis block—perhaps Bitcoin's ultimate mission is to bring the ideals of freedom behind those two pizzas from 15 years ago into reality.
And we will eventually become participants in the history of digital currencies, witnesses and practitioners.
