Today, May 22, is regarded as Bitcoin Pizza Day in Bitcoin’s history as it commemorates a pivotal moment in the evolution of the premier cryptocurrency.
Precisely 14 years ago, Laszlo Hanyecz, a Florida-based programmer, exchanged 10,000 BTC tokens for two large pizzas. Given Bitcoin was in its early stages at that time, the value of the 10K BTC was negligible.Â
However, in hindsight, those 10,000 BTCs tokens are worth close to a billion dollars, making Hanyecz’s pizza transaction iconic. In addition, this was the earliest recorded real-world transaction involving Bitcoin, setting the stage for the evolution of Bitcoin payments.
With Bitcoin’s price maintaining steady growth year-over-year, the crypto community commemorates the historic exchange every May 22, reflecting on Hanyecz’s missed fortune. In light of this, The Crypto Basic has provided an explorative analysis of Bitcoin’s value on every Bitcoin pizza day since May 22, 2011.
BTC Price on Bitcoin Pizza Day from 2011
Prominent market tracking platforms, including CoinMarketCap and CoinGecko, have no historical data on Bitcoin’s price as of May 22, 2010, when Hanyecz traded BTC for pizza.Â
Meanwhile, CoinMarketCap data indicates that 1 BTC costs as high as $7.57 a year after Hanyecz executed the pizza trade. On May 22, 2011, Bitcoin garnered a trading volume of only $23,811, compared to over $35 billion today. Additionally, Bitcoin’s market capitalization stood at $41,976,091, which pales in comparison to the current valuation of over $1.38 trillion.
By the following year, Bitcoin faced bearish forces, recording a low of $4.37. Meanwhile, 2012 was the year the Bitcoin network underwent its first halving cycle. The halving event was pivotal in driving BTC’s floor by 2,737% to a high of $124 on Pizza Day 2013.Â
From that point onward, Bitcoin never returned to sell at a unit value. The premier crypto asset maintained triple-digit values for the next four years.Â
Price of 10,000 Pizza BTC Hits $704M
On May 22, 2016, the last pizza day when Bitcoin sold with triple digits, 10,000 BTC had a peak market value of $5,253,600. Notably, this year, the Bitcoin network completed its second halving cycle, which again introduced a scarcity factor in BTC’s availability.
By the pizza day of 2020, Bitcoin’s value had expanded by 1,658% from $525 to $9,232. At this point, the 10,000 BTC held a hypothetical market value of approximately $100 million. Just a year later, the value of 10K BTC further exploded to $388.31 million, with Bitcoin’s price at $38K.
Notably, Bitcoin faced setbacks that dragged it back to the $20K price levels on the pizza days of 2022 and 2023. Meanwhile, today, the premier traded as high as $70,448. This puts the value of the 10,000 BTC exchanged for pizza at an astonishing $704,488,500.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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