Bitcoin Pizza Day is celebrated by the whole crypto community all over the world as the 11th anniversary of the first Bitcoin transaction occurred when a Florida man used the cryptocurrency to pay for two pizzas.
There are events that mark a lifetime, and on May 22, 2010, one such event occurred in Laszlo Hanyecz’s life. Laszlo, a well-known bitcoiner, made a small wish on the Bitcointalk forum: “buy two large pizzas with 10.000 BTC as a payment method.”
How did Bitcoin Pizza Day start?
The day has become folklore, not because of the transaction, but because of the price: the man in question paid 10,000 Bitcoins for the two pizzas, which is now worth more than $80 million.
Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John’s pizzas on May 22, 2010, now known as Bitcoin Pizza Day. The Florida man sought assistance through the bitcoin talk forum.
Bitcoin Pizza Day in 2010
At the time, Bitcoin was a relatively unknown technology, and the majority of ordinary people ignored it. Despite the fact that it had been a long time since his first transaction, Bitcoin was still relatively unknown.
However, Laszlo’s offer piqued the interest of a large number of people. It’s difficult to believe today, but that was the equivalent of 10.000 BTC back then. Nothing could be further from the current reality, which values 1 BTC at around $ 8.000.
Anyone would say this is insane, and it is, but Laszlo has no regrets about it. Especially since he was able to spend time with his family while receiving his pizzas at home and paying with Bitcoin. Life is a blessing!
How much is the Bitcoin Pizza worth today?
Laszlo Hanyecz famously traded 10,000 BTC for two Papa John’s pizzas, and the chain is commemorating that transaction. According to Business Insider, Hanyecz’s trade is now worth $613 million USD, thanks to last week’s record-breaking price of $60,000 USD for a single bitcoin.
One Bitcoin is now worth nearly $36,000 USD. Bitcoin reached its all-time high of $63,000 just last month. Laszlo’s two slices of pizza were worth $630 million at their peak. What Laszlo paid for two slices of pizza could have purchased over 31 million pies from independent pizzerias.
Bitcoin Pizza Day in 2021
The Bitcoin Pizza Day phenomenon is widespread and provides plenty of filler for discussion. Bitcoin is no longer in 2021, an unknown to the rest of the world, and its value is no longer a few cents.
Companies and businesses are aware of the true value of cryptocurrency and provide services that can be paid for with it. It is an economic revolution that is gaining traction as adoption grows.
In that sense, Bitcoin Pizza Day commemorates and celebrates a landmark, a test passed, and a level-up for the world’s most important cryptocurrency. But it’s also a reminder that small things, no matter how insignificant they appear, can start big changes in the world.
Bitcoin’s Latest Crash: Not the First, Not the Last
While bitcoin has been one of the world’s best-performing assets over the last decade, it has not been without volatility and price corrections. With bitcoin already down 15% from its all-time high, Elon Musk’s tweet announcing Tesla’s decision to stop accepting bitcoin for purchases pushed the cryptocurrency down more than 50% from its all-time high, dipping into the $30,000 price range.
Despite the fact that 30-40% pullbacks have been common pit stops throughout bitcoin’s various bull runs, it is far too early to draw any conclusions from the latest drop.
While this drop was steeper from high to low than the typical bull run pullback, bitcoin’s price has since recovered and is now hovering around $39,000, representing a 40% drop from the peak.
Bitcoin dip and its scope
Whether this is the start of a new downtrend or the ultimate dip-buying opportunity, there has been a noticeable shift in sentiment (and price) since Elon Musk tweeted about bitcoin’s sustainability concerns.
While the decoupling narrative has grown in tandem with Ethereum’s popularity as it powers NFTs and decentralised finance applications, it’s worth noting that the last time bitcoin experienced such a sharp drop in dominance was at the crypto market’s previous cycle top in early 2018.
For the time being, the entire crypto market has retreated, with the total cryptocurrency market cap falling from a high of $2.56T to today’s $1.76T. (a 30% decline). While the panic selling appears to be over, the next few weeks will determine whether this was simply another dip to buy or the start of a steeper decline.