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Bitcoin Price on Pizza Day: Nostalgic Review from 2010 to 2023

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Mon, 22/05/2023 - 6:46
Bitcoin Price on Pizza Day: Nostalgic Review from 2010 to 2023
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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.

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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.

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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.

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