Bitcoin Hits New All-Time High, Reflecting on Pizza Day: 15 Years of Value Transformation

The price of Bitcoin has surpassed $110,000, setting a new historical high. On May 22, the annual "Pizza Day" once again brought people's attention back to that moment 15 years ago that changed history—the pizza transaction that is now worth $1.1 billion.

The Starting Point of Value Enlightenment

In 2010, the Bitcoin network was in the "primitive society" stage, with the total network computing power being less than one trillionth of today’s, exchanges had yet to emerge, and most holders were 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 bought two pizzas for 10,000 Bitcoins, marking the first time Bitcoin was used as a means of payment in the real world. At that time, the 10,000 Bitcoins were worth about $41, averaging just $0.0041 per coin.

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 marginal experiment to a global asset.

Bitcoin 15-Year Price Evolution

From $0.0041 to $110,000 fifteen years later, the development trajectory of Bitcoin is clearly visible:

1. Technology Maturity Period (2010-2013): From proof of concept to initial application, Bitcoin proved the feasibility of decentralized currency. In May 2011, the price reached $6.8, and in May 2013, it broke $122, with an annual increase of 5,400%.

2. Speculative Frenzy Period (2014-2017): Price volatility attracted global attention. An incident at a well-known exchange in 2014 led to a significant price drop, while in 2017, the ICO boom caused prices to soar to nearly $20,000, completing the first "super cycle".

3. Institutional Awareness Period (2018-2021): Traditional financial institutions began to view Bitcoin as part of digital asset allocation. In May 2021, the price reached $37,500, and several large companies incorporated Bitcoin into their balance sheets.

4. Mainstream Acceptance Period (2022-2025): Regulatory frameworks gradually improve, ETFs are approved, and Bitcoin officially enters traditional investment portfolios. In 2024, the U.S. Bitcoin spot ETF is approved, the fourth halving resonates with global inflation pressures, driving the price to break through $71,400 with an annualized return of 217%.

Structural Changes Behind the Historical New High

Today, the market value of Bitcoin has surpassed 2.1 trillion dollars, exceeding Amazon, making it the fifth largest asset in the world. Its value support logic has undergone a fundamental transformation:

1. Enhanced macro hedging attributes
2. The regulatory bill for the crypto market in the US and Europe is implemented.
3. Compliant channels open traditional funding entrances

Lazlo's transaction of 10,000 Bitcoins was once mocked as "stupid," but from today's perspective, this transaction perfectly exemplifies the essence of "subjective value theory"—value arises from collective consensus. Over 15 years, Bitcoin has evolved from a code experiment in geek forums to a "freedom currency" believed in by hundreds of millions of people, and its price fluctuation curve is, in fact, a history of humanity's understanding of decentralized finance.

Conclusion: Consensus Creates Value

"Pizza Day" has transcended a simple commemoration to become a symbol of cohesion within the cryptocurrency community. It reminds us that the power of technological innovation and institutional reconstruction often begins with the smallest of practices. The mission of Bitcoin may very well be to bring the ideals of freedom behind those two pizzas from 15 years ago into reality.

We are all participants in the history of digital currency, witnessing every step of this financial revolution.