The legendary ‘Bitcoin Pizza’ is now 13 years old. The purchase which has now been dubbed the ‘most expensive pizza in the world’ was made back in 2010 when Bitcoin was a concept known to only a few in a niche part of the Internet. But now that the cryptocurrency has grown into the mainstream, the price conversion of the number of coins it took to purchase the pizza back then continues to impress participants in the space
Bitcoin Pizza Is Now 13 Years Old
Back in 2010, Laszlo Hanyecz, one of the earliest Bitcoin proponents, purchased a pizza using BTC in what was the first real-world implementation of the digital asset. At the time, Hanyecz had paid 10,000 BTC for two Papa John’s Pizzas, which were only worth around $41 in total for the two large pizzas.
This event was also only relevant in online Bitcoin forums back then when Hanyecz had posted his desire to purchase a pizza using BTC. For this reason, May 22 has become known as ‘Bitcoin Pizza Day’ but it is even more interesting given how BTC had grown over the years.
Since the Bitcoin Pizza was purchased, the digital asset has seen three different bull markets and during this time, the price of BTC has gone from under $1 to over $69,000 at its peak. Even though BTC’s price is down significantly over the past year, the value of the two pizzas Laszlo purchased in 2010 is now over $260 million at today’s prices.
At the height of the last bull market, 10,000 BTC was worth more than $600 million. However, more important than the present value of the coins is the fact that this singular event showed that it was possible for BTC to work in the real world.
BTC price trending above $26,000 | Source: BTCUSD on TradingView.com
BTC’s Evolution Over The Years
In 13 years, Bitcoin has evolved rapidly, going from a relatively unknown form of digital currency to becoming the leading cryptocurrency in the world. Through three bull cycles, the digital asset has shed its gains up to 90% only to hit a new all-time high each time.
Also, in the last decade, the cryptocurrency has made it to be legal tender for multiple countries, as well as becoming a widely accepted method of payment online. This alone demonstrates how quickly BTC has been accepted in the mainstream.
But perhaps the most compelling fact about Bitcoin is that only around 5% of the world’s population is projected to use it presently. This means there is still a lot of room for growth for this digital asset, and this could only be the beginning.