Bitcoin has reached a critical benchmark, with the price of a single coin exceeding $100,000. This milestone signals the evolution of an asset that once attracted skepticism as a passing trend.
In May 2010, early adopter Laszlo Hanyecz famously used 10,000 Bitcoins to purchase two pizzas. At the time, the transaction was worth approximately $40. Today, those Bitcoins would be valued at $1 billion, making it an extraordinarily expensive meal.
Bitcoin has arguably become the most successful investment over the last two decades. The total value of all Bitcoin in circulation is $2 trillion, surpassing that of Mastercard, Walmart, and JPMorgan Chase combined. The early supporters, a diverse group of individuals including hackers and political activists, have realized significant financial gains. The digital currency has also fueled a new industry, featuring publicly traded companies like the cryptocurrency exchange Coinbase, and is now supported by celebrities, athletes, and figures like Elon Musk.
Even the president-elect has expressed support for Bitcoin. During his campaign, Donald J. Trump presented himself as a Bitcoin enthusiast, and proposed a federal stock to drive prices upward. “Essentially an experimental hobbyist project,” said Finn Brunton, author of a 2019 book about the history of cryptocurrency. “To see where it is now is to see a really impressive feat.”
