Bitcoin Celebrates Pizza Day at $70,000: From a $41 Pizza to a $700 Million Fortune

May 22 holds a special place in the hearts of cryptocurrency enthusiasts, as this day is known as "Bitcoin Pizza Day," commemorating the historic event in 2010 when Bitcoin (BTC) developer Laszlo Hanyecz spent 10,000 bitcoins to purchase two Papa John's pizzas.

This event is chronicled on Bitcointalk, where Hanyecz posted his idea a few days before May 22, 2010, stating he would spend 10,000 bitcoins to buy two pizzas... preferably two large ones so he could have some left for the next day.

Hanyecz indicated that someone could either make and deliver them to his home or buy them from a pizza shop and have them delivered to his house in exchange for 10,000 bitcoins. On May 22, 2010, he posted, "I just want to report that I successfully traded 10,000 bitcoins for pizza."

While this transaction drew little attention at the time, it now marks a pivotal date for the crypto community to celebrate and reflect, as it illustrates the significant price increase Bitcoin has experienced over the past 15 years.

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

Since then, however, Bitcoin has proven to be the best-performing financial asset in history. In 2010, the value of 10,000 bitcoins was $41, but at today's prices, it would be worth nearly $700 million.

By this calculation, each pizza would cost close to $350 million, with each slice priced at $43.75 million. But who could have predicted such an unprecedented price surge for Bitcoin back then?

In the ensuing years, Bitcoin has become a global phenomenon, now accepted by millions of businesses and service providers worldwide. But it all started with that decisive pizza purchase in 2010, which is why May 22 will forever be known as "Bitcoin Pizza Day" to cryptocurrency loyalists.

This day is not just an anecdote or metaphor; it serves as a reminder of the potential of cryptocurrencies to revolutionize the global financial system, disrupting the current state of fiat currencies and endless debt issuance.

With the launch of the spot Bitcoin exchange-traded fund (ETF) in the U.S. earlier this year, Bitcoin's story is just beginning. Pension funds and large institutional investors are joining the fray, which could help push Bitcoin to $100,000—a once unimaginable price point that many now see as almost inevitable.

Today, Bitcoin Pizza Day is an occasion for the community to celebrate the past and recognize how far they've come, while also offering a chance to look optimistically towards the future and the emerging Web3 world, which will be built on blockchain technology.