Bitcoin breaks $110,000, looking back at the 15-year-old "pizza transaction"

The price of Bitcoin has hit a new high, breaking through the $110,000 barrier. Coinciding with the annual "Pizza Day," this commemorative day formed by the cryptocurrency community once again draws people's attention to that historic moment 15 years ago—the $11 million pizza transaction.

The Starting Point of Value Enlightenment

In 2010, the Bitcoin network was still in its early stages. The total network hash rate was less than one trillionth of today's, exchanges had not yet emerged, and holders were mainly geeks and tech enthusiasts. At that time, the "value anchoring" of cryptocurrencies was still a blank slate.

On May 22, 2010, American programmer Laszlo Hanyecz purchased two pizzas for 10,000 Bitcoins, marking the first time Bitcoin was used as a payment method in the real world. At that time, these Bitcoins were worth about $41, averaging only $0.0041 each.

Today, 15 years later, based on the price of Bitcoin surpassing $100,000, the value of those two pizzas has reached an astonishing $1 billion. This is not only a milestone in the early development of Bitcoin but also reveals the tremendous shift of cryptocurrency from a fringe experiment to a global asset.

Bitcoin 15-Year Price Evolution

From $0.0041 to $110,000 fifteen years later, the price of Bitcoin has undergone tremendous changes. By analyzing the Bitcoin price data from May 22 over the years, we can clearly see the key cycles and driving factors in its development trajectory.

Technology Improvement Period (2010-2013)

During this phase, Bitcoin evolved from proof of concept to initial application, demonstrating the feasibility of decentralized currency. In May 2011, the price rose to $6.8, and the emergence of an anonymous online platform first showcased its potential for anonymous payments. In May 2013, the price broke through $122, while the Cyprus debt crisis propelled Bitcoin into the mainstream as a "safe-haven asset," with an annual increase of 5,400%.

Speculative Frenzy Period (2014-2017)

The dramatic fluctuations in price have attracted global attention, but also exposed the immaturity of the market. A major exchange theft incident in 2014 caused the price to drop from $525 to $240 in 2015, leading the market to experience its first large-scale risk education. Since then, breakthroughs in technologies such as smart contracts and the Lightning Network have driven ecological expansion, and in May 2017, the price rebounded to $2,100. In December of the same year, it soared to $19,783 due to the ICO frenzy, completing the first "super cycle".

Institutional Awareness Period (2018-2021)

Traditional financial institutions are beginning to take Bitcoin seriously, viewing it as part of digital asset allocation. During the bear market of 2018, many investors exited the market, but some institutions entered, laying the foundation for long-term buying. In May 2021, the price reached $37,500, and several large companies and countries incorporated Bitcoin into their balance sheets.

Mainstream Adoption Period (2022-2025)

With the gradual improvement of regulatory frameworks and the approval of ETFs, Bitcoin has officially entered traditional investment portfolios. The promotion of central bank digital currencies worldwide, the maturation of the Web3 ecosystem, and the in-depth application of blockchain technology across various industries are reshaping the economic system. As the pioneer of this revolution, Bitcoin's value is reflected not only in its price but also in the decentralized理念 and the spirit of technological innovation it represents.

Structural Changes Behind the Historical New Highs

Currently, the market value of Bitcoin has exceeded $2.1 trillion, surpassing Amazon, making it the fifth largest asset in the world. Its value-supporting logic has undergone essential changes: first, the strengthening of its macro hedging properties; second, the implementation of regulatory legislation in the crypto markets of the US and Europe; third, multiple compliant channels have opened traditional funding entrances.

Lazlo's transaction of 10,000 Bitcoins was once mocked as "a foolish transaction", but from today's perspective, it perfectly illustrates the essence of subjective value theory—the value does not stem from the entity itself, but rather reflects the consensus of the group. Over 15 years, Bitcoin has evolved from a code experiment on geek forums to a "currency of freedom" believed in by hundreds of millions, and its price fluctuation curve is in fact the history of humanity's understanding of decentralized finance.

Conclusion: Consensus Creates Value

On social media, the #PizzaDay topic becomes a hotspot every year, where people share their pizza photos, reflect on the development of Bitcoin, and look forward to the future of digital currency. This tradition has transcended simple commemoration, becoming a symbol of cohesion for the entire cryptocurrency community.

Standing at the historical peak of $110,000, Pizza Day has long transcended its mere commemorative significance, becoming a cultural symbol of the crypto spirit: it reminds us that the power of technological innovation and institutional reconstruction often begins with the smallest practices. Just like the embedded headline in the Genesis Block from The Times, "Chancellor on brink of second bailout for banks" — the ultimate mission of Bitcoin may be to turn the ideals of freedom behind those two pizzas from 15 years ago into reality.

Each of us will become a participant in the history of digital currency, witnessing and practicing this transformative process.