Bitcoin breaks $110,000 to hit a new high, reflecting on the 15-year journey of value enlightenment.

The price of Bitcoin has surpassed $110,000, setting a new historical high. May 22nd of this year marks the annual "Pizza Day," a commemorative day spontaneously formed by cryptocurrency enthusiasts, which once again draws people's attention back to the moment 15 years ago that changed the course of history — the pizza transaction that is now worth over $1.1 billion.

The Starting Point of Value Enlightenment

In 2010, the Bitcoin network was still in its early stages, with the total computing power being less than one trillionth of what it is now. Exchanges had not yet emerged, and most holders were technology enthusiasts. At that time, a programmer proposed the idea of exchanging Bitcoin for pizza on a forum, which was a completely new attempt at the time.

On May 22, 2010, this American programmer bought two pizzas with 10,000 Bitcoins, marking the first time Bitcoin was used as a means of payment in the real world. At that time, these Bitcoins were worth about 41 dollars, averaging only 0.0041 dollars per Bitcoin.

Today, 15 years later, calculating at a price of over $100,000 for Bitcoin, the value of those two pizzas has reached an astonishing $1 billion. This is not only a milestone in the early development of Bitcoin but also reveals the immense shift of cryptocurrencies from marginal experiments to global assets.

Bitcoin 15-Year Price Development Trajectory

From $0.0041 to $110,000 fifteen years later, by reviewing the historical Bitcoin price data on May 22, we can clearly see the key cycles and driving factors in its development trajectory.

Technology Improvement Period (2010-2013)

At this stage, Bitcoin transitioned from concept validation to preliminary application, demonstrating the feasibility of decentralized currency. In May 2011, the price of Bitcoin rose to $6.8, and the emergence of an anonymous network platform showcased its potential for anonymous payments. In May 2013, the price surpassed $122, while the Cyprus debt crisis propelled Bitcoin into mainstream view as a "safe-haven asset," with an annual increase of 5,400%.

Speculative Frenzy Period (2014-2017)

The dramatic fluctuations in price have attracted global attention but have also exposed the immaturity of the market. A major exchange hacking incident in 2014 caused the price to drop from $525 to $240 (in 2015), and the market underwent its first large-scale risk education. Subsequently, technological breakthroughs such as Ethereum smart contracts and the Lightning Network propelled ecological 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 boom, 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. During the bear market in 2018, many investors exited the market, but the entry of some large institutions laid the foundation for long-term buying. In May 2021, the price reached $37,500, and several well-known companies and countries incorporated Bitcoin into their balance sheets.

Mainstream Adoption Period (2022-2025)

With the gradual improvement of regulatory frameworks and the approval of ETFs, Bitcoin has officially entered traditional investment portfolios. Countries around the world are promoting digital currencies, the maturity of the Web3 ecosystem, and the deep application of blockchain technology in various industries, with digital currencies reshaping the economic system. As a pioneer of this revolution, Bitcoin's value is not only reflected in its price but also in the decentralized ideology and technological innovation spirit it represents.

Structural Changes Behind Historical New Highs

Today, the market capitalization of Bitcoin has surpassed 2.1 trillion USD, exceeding that of some tech giants, making it the fifth largest asset in the world. The logic supporting its value has undergone a fundamental evolution: first, the strengthening of its macro hedge attributes; second, the implementation of regulatory bills for the crypto market in the US and Europe; third, multiple compliant institutions have opened up traditional capital channels.

The transaction of 10,000 Bitcoins was once considered "foolish", but from today's perspective, it precisely exemplifies the essence of the "subjective theory of value" in economics — value does not stem from the entity but is a reflection of collective consensus. Over 15 years, Bitcoin has evolved from an experiment on tech forums to a "free currency" believed in by hundreds of millions, and its price volatility curve is, in fact, a history of human evolution in understanding decentralized finance.

Conclusion: Consensus Creates Value

On social media, the "Pizza Day" topic sparks heated discussions every year, with people sharing their pizza photos, reflecting on the development of Bitcoin, and looking forward to the future of digital currency. This tradition has transcended simple commemoration and become a symbol of cohesion for the entire cryptocurrency community.

Standing at the historical high point of $110,000, "Pizza Day" has long transcended its simple commemorative significance, becoming a cultural symbol of the crypto spirit: it reminds us that the power of technological innovation and institutional reconstruction often begins with the smallest of practices. Just like the newspaper headline embedded in the Bitcoin genesis block, "Chancellor on brink of second bailout for banks"—the ultimate mission of Bitcoin may very well be to make the ideals of freedom behind those two pizzas 15 years ago a reality.

And we will ultimately become participants and witnesses of the history of digital currency, jointly promoting the progress of this financial revolution.