(Kitco News) – May 22nd has a special place in the hearts of crypto fans as it marks what has become known as “Bitcoin Pizza Day”, commemorating the historic event in 2010 when Laszlo Hanyecz, a Bitcoin (Bitcoin), paid 10,000 BTC for two Papa John’s pizzas.

Happy Bitcoin Pizza Day! 🍕

On this day in 2010, Laszlo Hanyecz made history by spending 10,000 Bitcoins on two Papa John’s pizzas.

That would be worth over $700 million today!

Legendary! 👊😉 pic.twitter.com/bXIUF1nJNO

– Bitcoin Archive (@BTC_Archive) May 22, 2024

The event was recorded in the annals of Bitcointalk, where Hanyecz posted about his intentions several days before May 22, 2010, saying he would “pay 10,000 bitcoins for some pizzas… maybe two large ones, so I have some leftovers for the next day.” I like leftover pizza to eat later.”

Post by Laszlo Hanyecz offering to pay 10,000 BTC for two pizzas. Source: Bitcointalk.org

Hanyecz said someone could make it at home and deliver it to him, or buy it from a pizzeria and have it delivered to his house in exchange for 10,000 BTC. On May 22, 2010, he posted: “Just wanted to let you know that I successfully exchanged 10,000 bitcoins for pizza.”

Although the purchase went unnoticed at the time, it now marks an important date of celebration and reflection for the crypto community as it shows the significant increase in price that Bitcoin has experienced over the last fifteen years.

At the time of the transaction, Bitcoin was still just an emerging technology, primarily a subject of experimentation for a handful of enthusiasts and developers.

Since then, Bitcoin has proven to be the best-performing financial asset of all time. The value of 10,000 BTC totaled $41 in 2010, whereas at today’s prices it would be worth almost $700 million.

In retrospect, this represents almost $350 million per pizza and $43.75 million per slice – as a large Papa John’s pizza has eight slices – but who could have imagined at the time that Bitcoin would see the unprecedented price increase What happened?

In the following years, Bitcoin became a global phenomenon and is now accepted by millions of companies and service providers around the world. But it all started with that fateful pizza purchase in 2010, which is why May 22nd will forever be known as “Bitcoin Pizza Day” to the crypto faithful.

More than just an anecdote or trope, the day is a reminder of the potential of cryptocurrencies to transform the global financial system and upend the current status quo of fiat currencies and endless debt issuance.

And with the launch of spot Bitcoin exchange-traded funds (ETFs) in the US at the beginning of the year, the Bitcoin story is just beginning. Pension funds and large institutional investors are now getting in on the action, which could help push BTC towards $100,000, a once unthinkable price point that many now consider almost inevitable.

Despite any subsequent thesis, one fact remains true.

The ONLY solution we have (for any type of financial crisis) is printing money.

AND #Bitcoin it is the largest liquidity sponge in the world.

As the currency depreciates, $BTC higher prices.

$100,000 is not likely, it is inevitable.

– Miles Deutscher (@milesdeutscher) April 15, 2024

Today, Bitcoin Pizza Day is an occasion for the community to celebrate the past and recognize how far they have come, while also providing an opportunity to look optimistically to the future and the emerging Web3 world that will be built on blockchain technology. as its backbone. .

At the time of writing, Bitcoin is trading at $70,500, up 1.05% on the 24-hour chart and up 163.3% from Bitcoin Pizza Day 2023, when BTC it traded for $26,773.

BTC/USD Chart by TradingView

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