On May 22, 2010, Laszlo Hanyecz had no idea that he was going to make history. This American developer, keen on cryptocurrencies, published a simple announcement on a Bitcoin forum: he offered 10,000 BTC to anyone who ordered two pizzas from him. At the time, this sum represented approximately 40 dollars. Today, while Bitcoin has just crossed the $100,000 mark, these same pizzas would be worth a billion dollars. A dizzying progression which perfectly illustrates the meteoric rise of the first cryptocurrency.
From pizza to Wall Street: the institutionalization of Bitcoin
The path traveled since this famous “ Bitcoin Pizza Day » testifies to a revolution in the world of finance. Bitcoin has gone from an experimental currency, used mainly by technology enthusiasts, to a financial asset recognized by the largest institutions. BlackRock, the world’s largest asset manager, now offers Bitcoin ETFs. JPMorgan Chase, whose CEO Jamie Dimon once called Bitcoin a “fraud,” is now offering cryptocurrency-related services to its clients.
This institutionalization accelerated with the approval of Bitcoin ETFs by the SEC in January 2024. The BlackRock ETF’s first day of trading saw $1.9 billion in trade. A volume which demonstrates the appetite of institutional investors for this new asset class. The total capitalization of Bitcoin now exceeds $2 trillion, surpassing giants like Mastercard, Walmart and JPMorgan Chase combined.
The roller coaster of an eventful decade
The history of Bitcoin has not been a smooth river. After reaching almost $70,000 in November 2021, its price collapsed to less than $17,000 in 2022. The bankruptcy of FTX, one of the largest cryptocurrency exchange platforms, shook everything the ecosystem. Many retail investors lost their savings, and confidence in the sector was seriously shaken.
But Bitcoin has proven its resilience. Blockchain technology continues to attract innovators. Payment giants like Visa and Mastercard are developing their own solutions based on this technology. Countries like El Salvador have even adopted Bitcoin as legal tender, paving the way for wider adoption.
The future of Bitcoin
Bitcoin’s rise to $100,000 due to the election of Donald Trump as President of the United States of America marks more than just a price record. It symbolizes the maturation of a technology that promised to revolutionize the financial system.
However, the volatility of Bitcoin remains significant, and regulators continue to closely monitor the sector. But growing adoption by traditional financial institutions suggests that Bitcoin is here to stay.
- Bitcoin has crossed the $100,000 mark, valuing the 10,000 BTC of the historic pizza at $1 billion
- The arrival of ETFs and institutional adoption has propelled Bitcoin to new heights
- Bitcoin emerges as a major asset class
