(Kitco Information) – Might 22 has a particular place within the hearts of crypto followers because it marks what has turn into referred to as “Bitcoin Pizza Day,” celebrating the historic occasion in 2010 when Laszlo Hanyecz, a Bitcoin (BTC) developer, paid 10,000 BTC for 2 Papa John’s pizzas.

Blissful Bitcoin Pizza Day! 🍕 

On at the present time in 2010, Laszlo Hanyecz made historical past by spending 10,000 Bitcoin for 2 Papa John’s pizzas. 

That will be price over $700 million at present! 

Legendary! 👊😉 pic.twitter.com/bXIUF1nJNO

— Bitcoin Archive (@BTC_Archive) Might 22, 2024

The occasion was recorded within the annals of Bitcointalk, the place Hanyecz posted about his intentions a number of days earlier than Might 22, 2010, saying he’d “pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some leftover for the next day.  I like having leftover pizza to nibble on later.”

Put up by Laszlo Hanyecz Providing to Pay 10,000 BTC for Two Pizzas. Supply: Bitcointalk.org

Hanyecz stated somebody might make it at house and ship it to him, or purchase it from a pizza store and ship it to his house in change for the ten,000 BTC. On Might 22, 2010, he posted,” I simply wish to report that I efficiently traded 10,000 bitcoins for pizza.” 

Whereas the acquisition went largely unnoticed on the time, it now marks a key date of celebration and reflection for the crypto group because it exhibits the numerous improve in price that Bitcoin has skilled over the previous fifteen years. 

On the time of the transaction, Bitcoin was nonetheless simply an rising know-how, primarily an object of experimentation for a handful of fanatics and builders. 

Since then, Bitcoin has confirmed itself the best-performing monetary asset of all time. The worth of the ten,000 BTC amounted to $41 in 2010, whereas at at present’s costs, it might be price practically $700 million. 

Looking back, that’s practically $350 million per pizza, and $43.75 million per slice – as a big Papa John’s pizza has eight slices – however who might have identified on the time that Bitcoin would see the unprecedented price improve that has occurred?  

Within the intervening years, Bitcoin has turn into a world phenomenon and is now accepted by tens of millions of enterprise and repair suppliers worldwide. However it began with the fateful pizza buy in 2010, which is why Might 22 will perpetually be referred to as ‘Bitcoin Pizza Day’ for the crypto devoted. 

Extra than simply an anecdote or trope, the day is a reminder of the potential for cryptocurrencies to remodel the worldwide monetary system and upend the present establishment of fiat currencies and countless debt issuance. 

And with the launch of spot Bitcoin exchange-traded funds (ETF) within the U.S. earlier within the 12 months, the Bitcoin story is simply getting began. Pension funds and enormous institutional buyers are actually getting in on the motion, which might assist propel BTC to $100,000, a once-unthinkable price level that many now see as all however inevitable. 

Regardless of any ulterior thesis, one truth stays true. 

The ONLY answer we have now (to any form of monetary disaster) is cash printing.

And #Bitcoin is the world’s best liquidity sponge. 

As foreign money debases, $BTC reprices greater.

$100k is not doubtless, it is inevitable.

— Miles Deutscher (@milesdeutscher) April 15, 2024

In the present day, Bitcoin Pizza Day is an event for the group to rejoice the previous and acknowledge how far they’ve come, whereas additionally offering a possibility to look optimistically towards the longer term and the rising Web3 world that will likely be constructed with blockchain know-how as its spine. 

On the time of writing, Bitcoin is buying and selling at $70,500, a rise of 1.05% on the 24-hour chart and a rise of 163.3% from Bitcoin Pizza Day 2023, when BTC traded for $26,773.

BTC/USD Chart by TradingView