Bitcoin price hits an all-time high, reviewing the 15-year journey of value evolution

Bitcoin price has surpassed $110,000, once again breaking historical records. Coinciding with the annual "Pizza Day," this commemorative day formed spontaneously by the cryptocurrency community brings people's attention back to that historic moment 15 years ago—the pizza transaction that is now worth $1.1 billion.

The Starting Point of Value Enlightenment

In 2010, the Bitcoin network was still in its infancy, with the total network hash rate less than one trillionth of today’s, exchanges had not yet appeared, and holders were mostly tech enthusiasts. At that time, the "value anchoring" of cryptocurrencies was still a blank slate.

On May 22, 2010, American programmer Laszlo Hanyecz purchased two pizzas for 10,000 Bitcoins, marking the first time Bitcoin was used as a payment method in the real world. At that time, these Bitcoins were worth about 41 dollars, averaging only 0.0041 dollars each.

Today, 15 years later, based on the price of Bitcoin breaking $100,000, the value of those two pizzas has reached an astonishing $1 billion. This not only marks a milestone in the early development of Bitcoin but also reveals the massive leap of cryptocurrencies from a fringe experiment to a global asset.

15-Year Bitcoin Price Development Trajectory

From $0.0041 to $110,000 fifteen years later, by reviewing the Bitcoin price data from May 22 over the years, the key cycles and driving logic in its development trajectory can be clearly captured.

Technology Improvement Period (2010-2013)

Bitcoin has proven the viability of decentralized currency from concept validation to initial application. In May 2011, the price rose to $6.8, and the emergence of the dark web first showcased its potential for anonymous payments; in May 2013, the price broke through $122, and the Cyprus debt crisis at that time propelled Bitcoin into mainstream view as a "safe-haven asset," with an annual increase of 5,400%.

Speculative Frenzy Period (2014-2017)

The drastic price fluctuations have attracted global attention, but they also exposed the immaturity of the market. A major exchange was hacked in 2014, causing the price to drop from $525 to $240 (in 2015), marking the first large-scale risk education for the market. Subsequently, technological breakthroughs such as smart contracts and the Lightning Network promoted ecosystem expansion, with the price rebounding to $2,100 in May 2017, and soaring to $19,783 in December of the same year due to the ICO frenzy, completing the first "super cycle".

Institutional Cognition Period (2018-2021)

Traditional financial institutions are starting to take Bitcoin seriously, viewing it as part of digital asset allocation. The bear market of 2018 led to a mass exit of investors, but the entry of institutions laid the foundation for long-term buying. In May 2021, the price reached $37,500, and several large companies and countries incorporated Bitcoin into their balance sheets.

Mainstream Adoption Period (2022-2025)

The regulatory framework is gradually improving, ETFs have been approved, and Bitcoin has officially entered traditional investment portfolios. With the advancement of central bank digital currencies globally, the maturation of the Web3 ecosystem, and the in-depth application of blockchain technology across various industries, digital currencies are reshaping the economic system. As the pioneer of this revolution, Bitcoin's value is reflected not only in its price but also in the decentralized ideology and spirit of technological innovation it represents.

Structural Changes Behind the Historical New Highs

Today, the market value of Bitcoin has exceeded 2.1 trillion USD, surpassing Amazon, making it the fifth largest asset in the world. Its value support logic has undergone a fundamental evolution: first, the strengthening of its macro hedging properties; second, the implementation of regulatory legislation in the crypto markets of the US and Europe; third, the compliance channels have opened up traditional funding entry points.

Lazlo's 10,000 Bitcoin transaction was once ridiculed as a "stupid transaction," but looking back from today's perspective, this transaction precisely illustrates the essence of subjective value theory—value does not originate from the entity, but rather from the mapping of collective consensus. Over 15 years, Bitcoin has evolved from a code experiment on geek forums to a "free currency" believed in by hundreds of millions, and its price fluctuation curve is essentially the history of human evolution in understanding decentralized finance.

Conclusion: Consensus Creates Value

On social media, the #PizzaDay topic becomes popular every year, where people share their pizza photos, reflect on the development of Bitcoin, and look forward to the future of digital currency. This tradition has transcended a simple commemoration and has become a symbol of cohesion for the entire cryptocurrency community.

Looking back at the historical high point of $110,000, Pizza Day has long transcended mere commemorative significance, becoming a cultural totem of the crypto spirit: it reminds us that the power of technological innovation and institutional restructuring often begins with the smallest practices. Just like the phrase embedded in the genesis block - "Chancellor on brink of second bailout for banks", the ultimate mission of Bitcoin may very well be to bring the ideals of freedom behind those two pizzas from 15 years ago into reality.

And we will eventually become participants in the history of digital currency, witnessing and practicing this financial revolution.