Bitcoin's Remarkable Journey: From Pizza Purchase to $700 Million

According to U.Today, the global crypto community recently celebrated BTC Pizza Day, marking not only the first real-world transaction using Bitcoin but also the cryptocurrency's significant price growth over the years. On May 22, 2010, Laszlo Hanyecz, a programmer and early Bitcoin enthusiast, made history by buying two pizzas for 10,000 BTC, a transaction then valued at around $41. Today, those 10,000 BTC would be worth nearly $700 million, demonstrating the dramatic increase in Bitcoin's value over the past 14 years.

When Hanyecz made his now-famous purchase, Bitcoin was virtually unknown and traded for less than a cent. By 2014, Bitcoin had 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, highlighted Bitcoin's meteoric rise of more than 17,400% over the last 10 years as the celebration of Bitcoin Pizza Day got 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 noted. 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, acknowledging Bitcoin's evolution.