Reflecting on a decade of Bitcoin: From 10,000 Bitcoins for a pizza to a $1 trillion market capitalization

On May 22, 2010, a programmer named Laszlo Hanyecz made history by purchasing two pizzas for 10,000 bitcoins. At the time, Bitcoin was worth just a fraction of a cent, and few people had even heard of it. Today, Bitcoin is the most valuable and widely recognised crypto asset in the world and had hit a peak market capitalization of over $1 trillion, during the last bull run. The value of 10,000 BTC today is approx ~$270mm!

So, while Laszlo Hanyecz’s decision to trade 10,000 bitcoins for two pizzas may seem foolish in hindsight, at the time, it was a bold and visionary move that helped demonstrate the potential of Bitcoin as a medium of exchange and was the first recorded purchase of goods via a crypto asset. The story of Bitcoin Pizza Day is a reminder of the early days of crypto when enthusiasts were experimenting with a new and untested technology.