- Bitcoin hit a record high of $111K on May 22, coinciding with Bitcoin Pizza Day.
- Bitcoin Pizza Day marks the first real-world crypto payment made for two pizzas in 2010.
- Bitcoin’s journey includes milestones from $1 in 2011 to SEC-approved ETFs in 2024.
Bitcoin has officially entered uncharted territory, breaking past its previous all-time high. It has reached a record high of $111,900 on May 22, coinciding with the annual Bitcoin Pizza Day celebration. The price jumped 3.30% within 24 hours, pushing the cryptocurrency into uncharted territory. Bitcoin Pizza Day marks the first time Bitcoin was used to buy a real-world item.
Fifteen years ago, back in 2010, a programmer named Laszlo Hanyecz paid 10,000 BTC for two large pizzas. He posted the offer on a forum. Another user accepted and ordered the pizzas in exchange for the cryptocurrency. At that time, 10,000 BTC was worth about $41.
Today, the same amount of Bitcoin is worth over $1.1 billion. This transaction became the first documented real-world use of Bitcoin. It transformed Bitcoin from a theoretical asset into a usable currency. Each year, crypto fans celebrate May 22 to remember how far Bitcoin has come.
From small meetups to large campaigns, celebrations take place across the globe. People share memes, host pizza parties, and raise funds. Some organizations use the day to promote education and blockchain development. Others host webinars and community events to explore Bitcoin’s journey.
Bitcoin’s history began long before the pizza. In 1983, David Chaum proposed the idea of digital money with eCash. He later launched Digicash in 1989. However, it failed to gain traction. The modern Bitcoin story started in 2008. An anonymous figure called Satoshi Nakamoto published the Bitcoin white paper.
The white paper introduced a peer-to-peer electronic cash system based on blockchain technology. On January 3, 2009, Nakamoto mined the first block of Bitcoin, called the Genesis Block, and in October, New Liberty Standard calculated Bitcoin’s first exchange rate. It gave the asset real-world value.
Related: How Cryptocurrencies Are Changing Everyday Payments Globally
In 2011, Bitcoin crossed the $1 mark, capturing the attention of early investors and tech enthusiasts worldwide. Over the next few years, Bitcoin’s value surged and crashed, drawing headlines and sparking global debates. In 2013, Forbes named Bitcoin the year’s top investment after a steep price rally. However, just a year later, Bloomberg labeled it the worst investment, highlighting its extreme volatility.
By 2020, PayPal started enabling crypto transactions and helped expose Bitcoin to a huge new user base. In 2021, the SEC approved the first U.S. Bitcoin futures ETF, an achievement that marked a big step forward for the industry. In 2024, the SEC allowed for 11 spot Bitcoin ETFs to be listed, marking a major milestone in mainstream cryptocurrency adoption.
Today, Bitcoin trades at an all-time high. And it happens on the same day crypto’s first pizza was bought. The timing reminds the world how far the digital currency has come, from two pizzas to $111,000.
