Bitcoin Pizza Day commemorates the first time Bitcoin was used for a real-world transaction. On May 22, 2010, Laszlo Hanyecz, a programmer and early Bitcoin enthusiast, made history by buying two pizzas for 10,000 BTC. At the time, the transaction was valued at around $41. Today, those 10,000 BTC would be worth nearly $700 million, highlighting the dramatic increase in Bitcoin’s value over the past 14 years.
Bitcoin’s price increase from its inception to the present is nothing short of astonishing. When Hanyecz made his now-famous purchase, Bitcoin was virtually unknown and traded for less than a cent.
Fast forward to 2014, and Bitcoin had already seen substantial growth, trading at around $400. Today, Bitcoin has not only achieved mainstream recognition but also established itself as a legitimate asset class with a market cap of over $1.38 trillion.
Gabor Gurbacs, Former Director of Digital Asset Strategy at VanEck, spotlights Bitcoin’s meteoric rise of more than 17,400% over the last 10 years as the celebration of Bitcoin Pizza Day gets underway.
“10 years ago Bitcoin traded around nearly $400 per BTC, today it’s trading around $70,000 that is a 17,400% increase,” Gurbacs wrote in an X post. At the time of writing, BTC was trading at $70,133, having reached a record high of $73,750 in mid-March.
Over the last decade, Bitcoin has not only survived but thrived, experiencing a growth spurt that has rarely been seen in the financial world.
The celebration of BTC Pizza Day is not just about reminiscing over pizzas bought with Bitcoins; it is a day that highlights the incredible journey of Bitcoin’s value appreciation.
In commemoration of the historic event, crypto exchanges and platforms posted celebratory messages on social media, as well as promoting crypto campaigns and giveaways in recognition of Bitcoin’s evolution.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
