On May 22, a celebratory event known as Bitcoin Pizza Day, the price of Bitcoin was recorded at $26,774, according to a tweet from cryptocurrency data platform CoinGecko.
Bitcoin Pizza Day is an annual event commemorating the first recorded commercial transaction using Bitcoin, wherein a programmer named Laszlo Hanyecz bought two pizzas for 10,000 bitcoins on May 22, 2010, when the cryptocurrency was worth less than a penny.
Since then, Bitcoin's price has experienced drastic highs and lows. After the initial purchase, the price of Bitcoin rose gradually, hitting its first notable peak in 2021 at $37,340, according to CoinGecko's data.
However, in recent years, the Bitcoin price on Pizza Day has been on a downward trend, with it standing at $29,492 in 2022, and now at $26,774 in 2023.
If Hanyecz had held onto his 10,000 bitcoins rather than trading them for pizza, today they would be worth a staggering $267.74 million.
The irony of this monumental valuation underscores the unpredictable and volatile nature of cryptocurrency. Hanyecz's seemingly inconsequential transaction has now become a notable part of Bitcoin lore and a testament to its incredible rise in the global financial landscape.
Bitcoin Pizza Day serves not only as a nostalgic review of Bitcoin's evolution from its humble beginnings to becoming a recognized asset class, but it's also a stark reminder of the opportunity cost of spending Bitcoin.
With the current market scenario and the increasing adoption of cryptocurrencies, enthusiasts around the globe commemorate this day with a slice of pizza, celebrating the growth of this revolutionary digital asset.
Vladislav Sopov
Dan Burgin