Bitrabo Editorial
The purchase of a pizza known as ‘Bitcoin Pizza’ is now 13 years old. This pizza purchase is considered the ‘most expensive pizza in the world’ because it was bought back in 2010 when Bitcoin was a concept known only to a few people in a niche part of the internet. However, BTC has since grown into the mainstream and the conversion price of the number of coins used to purchase the pizza back then continues to impress those in the space.
The History of Bitcoin Pizza Day
Laszlo Hanyecz, one of the earliest Bitcoin supporters, made history in 2010 when he purchased two large Papa John’s pizzas using BTC. The event, which was only relevant on online Bitcoin forums at the time, marked the first real-world implementation of the digital asset. The pizza purchase continues to be celebrated every May 22 as Bitcoin Pizza Day. However, what is more remarkable is how Bitcoin has grown over the years.
Since the purchase of the Bitcoin Pizza, BTC has witnessed three different bull markets over the last decade. The price of BTC has gone from less than $1 to over $69,000 during that time. Even though the price of BTC has dropped significantly over the past year, the value of the two pizzas that Laszlo purchased in 2010 is now over $260 million at today’s prices. At the height of the last bull market, 10,000 BTC was worth more than $600 million. The event proved that BTC is capable of working in the tangible world.
BTC price trending above $26,000 | Source: BTCUSD on TradingView.com
BTC’s Evolution Over The Years
Bitcoin has evolved significantly over the past 13 years, going from being a relatively unknown form of digital currency to becoming the leading cryptocurrency globally. Despite shedding most of its gains during three bull cycles (in which each cycle saw a new all-time high), BTC has become legal tender for several countries and a widely accepted payment method online. This demonstrates how quickly BTC has been embraced by the mainstream.
Surprisingly, only about 5% of the world’s population uses BTC currently, implying that there is still tremendous potential for this digital asset to grow in the future. It seems that we have only scratched the surface of what BTC can achieve.