Sixteen years in the past as we speak, a Florida programmer named Laszlo Hanyecz paid 10,000 Bitcoin for 2 giant Papa John’s pizzas. On the time, these cash had been value roughly $41. On this Pizza Day, they’re value $777.87 million — down $328 million from final 12 months’s anniversary worth.
Bitcoin Pizza Day, noticed every Might 22, marks the primary business transaction utilizing Bitcoin — the second a digital foreign money stopped being a theoretical experiment and have become a medium of change for actual items.
On Might 18, 2010, Hanyecz posted on the BitcoinTalk discussion board with a simple provide: 10,000 BTC to anybody keen to order him two pizzas. Some discussion board customers had been skeptical — one identified he might promote the cash for $41 in money.
Hanyecz’s reply was easy: “I simply assume it will be attention-grabbing if I might say that I paid for a pizza in Bitcoins”. 4 days later, a then-19-year-old discussion board person named Jeremy Sturdivant accepted, ordered the pies from Papa John’s, and picked up 10,000 BTC by way of handbook switch. Bitcoin had its first change charge towards a shopper good.
The $328 million bitcoin haircut
Each Might 22, that mounted 10,000 BTC will get revalued on the day’s spot worth — the cleanest annual benchmark crypto has. In 2024, the stack was value $674 million. In 2025, it hit a file $1.106 billion, with Bitcoin buying and selling at $110,568 on that day’s all-time excessive. As we speak, with Bitcoin close to $77,300, the stack sits at $777.87 million — down 29.7% from final 12 months.
The decline started on October 6, 2025, when Bitcoin reached a recent all-time excessive of $126,000. 4 days later, President Donald Trump introduced 100% tariffs on Chinese language imports and export controls on important U.S. software program.
Inside hours, complete crypto market capitalization fell almost $200 billion in a single session, Bitcoin dropped from $122,000 to $107,000, and roughly $19 billion in leveraged positions had been liquidated — the biggest single-day liquidation occasion in crypto historical past.
The worst begin since 2018
Q1 2026 grew to become Bitcoin’s third-worst opening quarter on file, closing down 23.2%, with spot Bitcoin ETFs bleeding $4.5 billion in outflows throughout the primary eight weeks of the 12 months. Iran tensions compounded the stress, as U.S.-Israeli airstrikes on February 28 triggered a pointy risk-off rotation, trapping Bitcoin between $60,000 and $75,000 for a lot of March.
Q2 has introduced partial restoration — Bitcoin has climbed roughly 14% over the quarter — however the broader crypto market cap sits at $2.65 trillion as we speak, down from $2.9 trillion only one week in the past.
