Currently, the price of Bitcoin has exceeded $110,000, setting a new record high. On May 22, the annual "Pizza Day" was held. This anniversary spontaneously formed by the cryptocurrency community once again drew people's attention back to the moment that rewrote history 15 years ago - the pizza worth $1.1 billion.

1. The starting point of a value enlightenment

In 2010, the Bitcoin network was still in its "primitive society" stage, with a total network computing power of less than one trillionth of today's. Exchanges had not yet been established, and most of the holders were geeks and technology enthusiasts. When Laszlo posted on the forum that he would "exchange Bitcoin for pizza," the "value anchor" of cryptocurrency was still a blank.

On May 22, 2010, American programmer Laszlo Hanyecz used 10,000 bitcoins to buy two Papa John's pizzas, marking the first time bitcoin was used as a means of payment in the real world. At the time, these 10,000 bitcoins were worth about $41, with an average value of only $0.0041 per bitcoin.

Today, 15 years later, with Bitcoin’s price exceeding $100,000, the value of those two pizzas has reached a staggering $1 billion. This figure not only became a milestone in the early development of Bitcoin, but also revealed the epic leap of cryptocurrency from a marginal experiment to a global asset.

2. Bitcoin price curve over the past 15 years

From $0.0041 to $110,000 15 years later, by combing through the Bitcoin price data on May 22 of each year, according to bitsCrunch.com data, we can clearly capture the key cycles and driving logic in its development trajectory. The following figure shows the price performance of Bitcoin during Pizza Day over the years.

 Data source: bitsCrunch.com

Technology improvement period (2010-2013): From proof of concept to initial application, Bitcoin proved the feasibility of decentralized currency.

In May 2011, the price of Bitcoin climbed to US$6.8, and the emergence of the dark web "Silk Road" demonstrated its anonymous payment potential for the first time; in May 2013, the price exceeded US$122. At the same time, the Cyprus debt crisis pushed Bitcoin into the mainstream vision as a "safe-haven asset", with an annual increase of 5,400%.

Speculative frenzy period (2014-2017): The dramatic price fluctuations attracted global attention but also exposed the immaturity of the market.

In 2014, the theft of Mt.Gox exchange caused the price to halve from $525 to $240 (2015), and the market experienced its first large-scale risk education. Since then, technological breakthroughs such as Ethereum smart contracts and lightning networks have promoted the expansion of the ecosystem. In May 2017, the price rebounded to $2,100, and in December of the same year, it soared to $19,783 due to the ICO craze, completing the first "super cycle".

Institutional recognition period (2018-2021): Traditional financial institutions begin to take Bitcoin seriously and regard it as part of their digital asset allocation.

In the 2018 bear market, many people left the market directly, but the entry of institutions such as Grayscale Trust and MicroStrategy laid the foundation for long-term buying. In May 2021, the price reached $37,500, and countries such as Tesla and El Salvador included Bitcoin in their balance sheets; in 2024, the approval of the US Bitcoin spot ETF, the fourth halving, and the global fiat currency inflation pressure resonated, pushing the price above $71,400, with an annualized rate of return of 217%.

The chart below shows the monthly performance of Bitcoin in May every year from 2017 to 2024.

 Data source: bitsCrunch.com

Mainstream acceptance period (2022-2025): The regulatory framework is gradually improved, ETFs are approved, and Bitcoin officially enters traditional investment portfolios.

With the advancement of digital currencies of central banks around the world, the maturity of the Web3 ecosystem, and the in-depth application of blockchain technology in all walks of life, digital currencies are reshaping our economic system. As a pioneer of this revolution, the value of Bitcoin is not only reflected in its price, but also in the decentralized concept and technological innovation it represents.

3. Structural changes behind the historical highs

Today, Bitcoin’s market value has exceeded $2.1 trillion, surpassing Amazon to become the world’s fifth largest asset. Its value support logic has undergone essential changes: first, its macro-hedge attribute has been strengthened; second, the US and European crypto market regulatory bills have been implemented; and third, Coinbase, BlackRock and other compliance channels have opened up traditional capital entrances.

Laszlo's 10,000 bitcoins were once ridiculed as a "stupid transaction", but looking back from today's perspective, this transaction just confirms the essence of the Austrian School's "subjective value theory" - value does not come from entities, but is a reflection of group consensus. In 15 years, Bitcoin has evolved from a code experiment in a geek forum to a "free currency" believed by hundreds of millions of people. Its price fluctuation curve is actually the evolution of human cognition of decentralized finance.

4. Conclusion: Consensus creates value

On social media, the #PizzaDay topic becomes popular every year, with people sharing their pizza photos, recalling the development of Bitcoin, and looking forward to the future of digital currency. This tradition has gone beyond simple commemoration and has become a symbol of cohesion for the entire cryptocurrency community.

Looking back from the historical high of $110,000, Pizza Day has long surpassed the simple commemorative significance and become a cultural totem of the crypto spirit: it reminds us that the power of technological innovation and institutional reconstruction often begins with the smallest practice. Just as the headline of The Times embedded by Satoshi Nakamoto in the Genesis Block, "Chancellor on the brink of a second round of bank bailouts", the ultimate mission of Bitcoin may be to make the ideal of freedom behind the two pizzas 15 years ago shine into reality.

And we will eventually become participants, witnesses and practitioners of the history of digital currency.