Two pizzas in 2010 are now worth $1.1 billion.
Today, Bitcoin’s price has surged past $110,000, setting a new all-time high. On May 22nd, coinciding with the annual "Pizza Day"—a commemorative event spontaneously created by the crypto community—the spotlight once again turned to that history-altering moment 15 years ago: the $1.1 billion pizzas.
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1. The Starting Point of a Value Enlightenment
In 2010, the Bitcoin network was still in its "primitive" stage, with a total computational power less than a trillionth of today’s capacity. Exchanges did not yet exist, and most holders were geeks and tech enthusiasts. When Laszlo Hanyecz posted on a forum proposing to "trade Bitcoin for pizza," the concept of "value anchoring" for cryptocurrencies was still nonexistent.
On May 22, 2010, American programmer Laszlo Hanyecz spent 10,000 Bitcoin to buy two Papa John’s pizzas, marking the first real-world use of Bitcoin as a payment method. At the time, those 10,000 Bitcoin were worth about $41, with each Bitcoin valued at just $0.0041.
Fifteen years later, with Bitcoin surpassing $100,000, those two pizzas are now worth a staggering $1 billion. This figure not only stands as a milestone in Bitcoin’s early development but also highlights the cryptocurrency’s epic transition from a fringe experiment to a global asset.
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2. Bitcoin’s Price Trajectory Over the Past 15 Years
From $0.0041 to $110,000 in 15 years—by examining Bitcoin’s price data on May 22nd of each year, sourced from bitsCrunch.com, we can clearly trace its key cycles and driving forces. Below is Bitcoin’s price performance on Pizza Day over the years.
From Two Pizzas to a Trillion-Dollar Consensus: Bitcoin’s 15-Year Journey of Value Enlightenment
Data source: bitsCrunch.com
Technical Maturation Phase (2010-2013): From proof-of-concept to early adoption, Bitcoin proved the feasibility of decentralized currency.
In May 2011, Bitcoin’s price climbed to $6.80, as the darknet marketplace "Silk Road" showcased its potential for anonymous payments. By May 2013, the price broke $122, fueled by the Cypriot debt crisis, which positioned Bitcoin as a "hedge asset" in mainstream consciousness. That year, its price surged 5,400%.
Speculative Frenzy Phase (2014-2017): Wild price swings drew global attention but also exposed market immaturity.
The 2014 Mt. Gox hack caused prices to plummet from $525 to $240 (by 2015), marking the market’s first major risk education. Subsequent breakthroughs like Ethereum’s smart contracts and the Lightning Network expanded the ecosystem. By May 2017, prices rebounded to $2,100, and in December, driven by ICO mania, they skyrocketed to $19,783, completing Bitcoin’s first "super cycle."
Institutional Recognition Phase (2018-2021): Traditional finance began taking Bitcoin seriously as part of digital asset portfolios.
While many exited during the 2018 bear market, institutions like Grayscale Trust and MicroStrategy laid the foundation for long-term demand. By May 2021, prices hit $37,500 as Tesla and El Salvador added Bitcoin to their balance sheets. In 2024, the approval of U.S. Bitcoin spot ETFs, the fourth halving, and global fiat inflation pressures drove prices past $71,400, with an annualized return of 217%.
Below is Bitcoin’s monthly performance each May from 2017 to 2024.
From Two Pizzas to a Trillion-Dollar Consensus: Bitcoin’s 15-Year Journey of Value Enlightenment
Data source: bitsCrunch.com
Mainstream Adoption Phase (2022-2025): Regulatory frameworks solidified, ETFs were approved, and Bitcoin entered traditional portfolios.
With the rise of central bank digital currencies, the maturation of Web3 ecosystems, and blockchain’s deepening integration across industries, digital currencies are reshaping our economic systems. As the pioneer of this revolution, Bitcoin’s value lies not just in its price but in its embodiment of decentralized ideals and technological innovation.
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3. The Structural Shift Behind the All-Time High
Today, Bitcoin’s market cap exceeds $2.1 trillion, surpassing Amazon to become the world’s fifth-largest asset. Its value proposition has fundamentally evolved: (1) strengthened macro-hedging attributes, (2) regulatory clarity in U.S. and EU markets, and (3) compliant onramps like Coinbase and BlackRock bridging traditional finance.
From Two Pizzas to a Trillion-Dollar Consensus: Bitcoin’s 15-Year Journey of Value Enlightenment
Laszlo’s 10,000 Bitcoin were once mocked as a "foolish trade," but in hindsight, the transaction epitomizes the Austrian School’s "subjective theory of value"—value stems not from materiality but from collective consensus. Over 15 years, Bitcoin evolved from a coder’s experiment into a "currency of freedom" for millions. Its price volatility reflects humanity’s evolving understanding of decentralized finance.
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4. Conclusion: Consensus Creates Value
On social media, the #PizzaDay hashtag trends annually as people share pizza photos, reminisce about Bitcoin’s journey, and envision the future of digital currency. This tradition has transcended mere commemoration, becoming a symbol of the crypto community’s unity.
From today’s $110,000 peak, Pizza Day has grown beyond a simple anniversary—it’s now a cultural emblem of crypto’s ethos. It reminds us that the power of innovation and systemic change often begins with the smallest acts. Just as Satoshi Nakamoto embedded The Times headline "Chancellor on Brink of Second Bailout for Banks" in Bitcoin’s genesis block, its ultimate mission may be to turn the ideals of freedom behind those two pizzas into reality.
And we—participants, witnesses, and practitioners—are all part of this digital currency history.
