May 18, 2010: The Most Expensive Pizza in Bitcoin History A Legendary Story from $30 to $1 Billion and a Look at Bitcoin's Future

May 18, 2010: The Most Expensive Pizza in Bitcoin History A Legendary Story from $30 to $1 Billion and a Look at Bitcoin's FutureOn May 18, 2010, a user named Laszlo posted a bounty on a Bitcoin forum, offering 10,000 Bitcoins (worth $30 at the time) for two large pizzas. Four days later, Laszlo successfully purchased the pizzas and expressed his delight

May 18, 2010: The Most Expensive Pizza in Bitcoin History A Legendary Story from $30 to $1 Billion and a Look at Bitcoin's Future

On May 18, 2010, a user named Laszlo posted a bounty on a Bitcoin forum, offering 10,000 Bitcoins (worth $30 at the time) for two large pizzas. Four days later, Laszlo successfully purchased the pizzas and expressed his delight. However, he could hardly have anticipated that this meal would one day be worth approximately $1 billion, becoming a legendary story in Bitcoin's history and a stark illustration of its price surge.

Laszlo Hanyecz, a programmer from Florida, was an early Bitcoin adopter. In Bitcoin's infancy, he began mining, even designing his own mining software using graphics cards. Mining was relatively easy then, and Laszlo quickly accumulated tens of thousands of Bitcoins. His exchange of 10,000 Bitcoins for pizza became a community anecdote and a perfect illustration of Bitcoin's explosive price growth.

After consuming this "astronomically priced" pizza, Laszlo continued to use Bitcoin frequently for payments, spending around 100,000 Bitcoins in total. Today, those 100,000 Bitcoins are worth tens of billions of dollars. This experience doesn't bring him regret, but rather fond memories; after all, the ability to get free pizza using a graphics card is a truly unforgettable experience.

Laszlo's experience is a microcosm of Bitcoin's rise. In 2010, Bitcoin's price was just $0.003; today, it has surpassed $100,000, representing a more than 30 million-fold increase in 14 years. This astonishing growth has attracted significant global attention, sparking curiosity and anticipation about Bitcoin's future trajectory: after such explosive growth, where will Bitcoin go next?

Milestone Moment: Bitcoin Price Surpasses $100,000, Moving Towards Mainstream Asset Status

Bitcoin's price exceeding $100,000 is undoubtedly a significant milestone in the development of the cryptocurrency industry. This event not only set a new all-time high but also attracted widespread global attention, further solidifying Bitcoin's position in the financial market. Zhao Wei, a senior researcher at OKX Research Institute, stated that this breakthrough is a crucial marker of the cryptocurrency industry's development, signifying Bitcoin's growing influence in the global financial market.

Two significant pieces of news on December 4th served as key catalysts for Bitcoin surpassing the $100,000 mark:

First, the market buzzed over President-elect Trump's nomination of conservative lawyer and crypto "enthusiast" Paul Atkins as chairman of the Securities and Exchange Commission (SEC). Atkins is known for his relatively relaxed regulatory stance and support for innovative technologies. His appointment could create a more favorable policy environment for the US cryptocurrency industry and inject positive market expectations.

Second, Russian President Putin publicly expressed support for cryptocurrencies, suggesting the possibility of using them as alternative reserve assets. This statement further boosted market confidence in cryptocurrencies, driving Bitcoin's price upward.

Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, believes that Bitcoin surpassing $100,000 is historically significant. It not only signifies the enormous value growth since its inception but also reflects the booming global cryptocurrency market and investors' growing acceptance of Bitcoin. This milestone will further strengthen investor confidence and potentially attract more capital into the cryptocurrency market.

Liu Bin, director of the Financial Research Office at the China (Shanghai) Pilot Free Trade Zone Research Institute (Pudong Reform and Development Research Institute), also views Bitcoin surpassing $100,000 as a crucial milestone in cryptocurrency development, suggesting that cryptocurrencies like Bitcoin might be entering a new stage. He analyzed several underlying reasons:

1. Increasingly refined regulation in the cryptocurrency field, particularly the US's gradual development of international standards in cryptocurrency regulation, is having a growing impact.

2. At the international level, international organizations like the Bank for International Settlements (BIS) and the Financial Stability Board (FSB) have undertaken significant work on cryptocurrency development and cross-border regulation, reaching some consensus on financial stability and risk prevention.

3. Developed countries have built relatively complete ecosystems around cryptocurrencies, and mainstream financial institutions have developed compliant financial infrastructures, achieving a compliant organic integration between traditional financial systems and the cryptocurrency field, creating favorable conditions for cryptocurrency development.

4. The BIS's proposed financial internet, using blockchain as its underlying technology, aims to unify traditional financial assets at the underlying financial infrastructure level through tokenization, and has received recognition from relevant countries, which is positive for cryptocurrencies.

5. Trump's election victory and his relatively friendly attitude towards cryptocurrency development, potentially leading to further supportive policies, acted as a catalyst.

The approval of Bitcoin spot ETFs this year also marks Bitcoin's transition from a "niche asset." Wang Peng believes the approval of Bitcoin spot ETFs is another milestone in the cryptocurrency market's development, signifying heightened institutional acceptance of Bitcoin. The launch of ETFs offers investors more diversified investment choices, lowering the barrier to entry and risk, and helping attract more capital into the cryptocurrency market.

With the global economy's digital transformation and the continuous advancement of cryptocurrency technology, more and more investors are recognizing the value of Bitcoin as a decentralized, scarce digital asset. Furthermore, the public support of key figures, such as Trump's endorsement of cryptocurrencies, has also propelled Bitcoin's price upward. These factors have collectively contributed to Bitcoin's price surge.

The "Trump Trade": Sustainability and Market Impact

Year-to-date, Bitcoin's price has increased by over 100%. Since Trump's election victory, Bitcoin has risen by more than 40%. The "Trump trade" has become a significant driver of Bitcoin's recent surge, with a series of announcements acting as catalysts. Fueled by the "Trump trade," the cryptocurrency market's spot trading volume in November reached $2.7 trillion, the highest since May 2021, more than double the October volume ($1.14 trillion). November's total trading volume for Bitcoin futures on trading platforms reached $2.59 trillion, and Ethereum futures reached $1.28 trillion, also the highest since May 2021.

On November 21, SEC Chairman Gary Gensler announced his intention to step down on January 20, 2025, when Trump is sworn in. Gensler, a known cryptocurrency skeptic, adopted a tough stance on the crypto industry during his tenure. On December 4, the news of Trump nominating Atkins as SEC chairman sent the cryptocurrency market into a frenzy. Atkins previously questioned the SEC's crackdown on cryptocurrency companies, and the expectation is that he will take a more favorable approach to the cryptocurrency market.

Beyond Trump himself, many other Republicans want the SEC to treat the cryptocurrency market more favorably than under the Biden administration. Furthermore, Trump's team is discussing the possibility of creating a new position within the White House specifically responsible for cryptocurrency policy, which would be the first-ever such position in the White House.

Livio Weng, Chief Operating Officer of HashKey Group and CEO of HashKey Exchange, believes that Trump's support could also influence more senior, traditional financial decision-makers, many of whom have been conservative or even skeptical towards Bitcoin. However, Trump's endorsement could lead them to reconsider the potential of crypto assets and increase the acceptance of cryptocurrencies in the mainstream financial sector.

Wang Peng analyzes that Trump's policies, including supporting cryptocurrencies and planning to establish a White House position specifically responsible for digital asset policy, have indeed catalyzed Bitcoin's price rise. These policy signals indicate that the US government's attitude towards cryptocurrencies is becoming more friendly, providing a favorable policy environment for Bitcoin and other cryptocurrencies.

Can the "Trump Trade" sustain? Liu Bin believes that the "Trump trade" could last for a while. For any asset class to gain widespread acceptance and enter the public eye, it needs time to be tested and its inherent value needs to be further realized. Bitcoin is currently in an upward cycle, but there will undoubtedly be fluctuations. We need to closely monitor whether Trump's policies after taking office meet market expectations. More importantly, for Bitcoin to truly become an investable asset and digital gold, it will certainly need to withstand cyclical tests and gain market and institutional recognition.

Wang Peng believes that the duration of the "Trump trade" depends on several factors, including the implementation of subsequent Trump administration policies, the overall development trend of the cryptocurrency market, and changes in the global economic environment. If the Trump administration continues to introduce policies favorable to cryptocurrency development and implements them effectively, the "Trump trade" could last for a considerable period. However, any policy effect is limited and subject to various uncertainties, making its duration unpredictable.

Risk Warning: Bitcoin Market's High Volatility Remains

Despite Bitcoin's current high price, the risk of a correction still exists. The cryptocurrency market is highly volatile, and prices are easily affected by market sentiment, policy changes, and various other factors. Therefore, investors should exercise caution when engaging in Bitcoin and other cryptocurrency transactions and implement proper risk management.

Zhao Wei reminds us that the high volatility of the Bitcoin market remains a significant factor. In the short term, prices may