Bitcoin Reclaims $30,000 As The Crypto Community Commemorates The 12th Anniversary Of Bitcoin Pizza Day.

Every year on May 22, crypto communities around the world come together to memorialize one of the strangest moments in Bitcoin history.

On May 22, 2010, less than two years after the release of the Bitcoin white paper by pseudonymous founder Satoshi Nakamoto, a Florida-based programmer named Laszlo Hanyecz paid 10,000 BTC for two large pizza, legitimizing bitcoin payments and influencing the future of crypto-commerce as we know it. The claimed BTC were only worth $41 at the time of acquisition.

To put this in context, the said BTC would have been worth approximately $640 million at BTC’s all-time highs in November, or approximately $300 million in today’s market.

Whereas Bitcoin was almost worthless at the time, and those who had some only traded it amongst themselves, Hanyecz’s purchase not only sparked the much-needed push to drive Bitcoin to mainstream adoption, but it also demonstrated that BTC could be used as both a payment currency and a store of value asset.

In the years thereafter, BTC has grown in popularity as a payment option, with most individuals buying it to store value, particularly following the 2013 bull run. Other cryptocurrencies, such as Ethereum, would arise later as developers worked to compensate for Bitcoin’s inherent flaws.

BTC went on to become the world’s largest digital asset after surpassing the $1 trillion market capitalization in April 2021.

This year, crypto supporters observed the anniversary in a variety of ways, with Binance CEO Changpeng Zhao (“CZ”) sharing a video of himself yesterday preparing pizzas in anticipation for today at one of Mister Pizza’s restaurants in Cannes, France.

MicroStrategy’s CEO also issued a joyful tweet today, thanking Hanyecz for his contribution in verifying Bitcoin’s transactional capability.

Despite the fact that Bitcoin and other cryptocurrencies have been on a downward trend for the majority of the year, BTC’s price managed to reach $31,000 on Saturday in anticipation of today’s celebrations.

Today’s price remained above $30,000 for the majority of the day, and as of writing, BTC is trading at $30,010, a 2.56% increase in the last 24 hours, with Ethereum breaking through $2,000 to trade at $2,054.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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