Happy Bitcoin Pizza Day! | Seeking Alpha

The crypto parlor

The selloff in bonds took the cheer out of Wall Street on Wednesday, but risk-on sentiment was more than alive elsewhere. Bitcoin (BTC-USD) hit fresh record highs just before “Pizza Day,” with the world’s most popular crypto climbing to $110,000 and then some. Supportive regulatory developments in the U.S. have added to the momentum as congressional lawmakers near legislation that would establish a regulatory framework for the stablecoin market.

Snapshot: The crypto world didn’t get here in a vacuum. In fact, May 22 is heralded as “Bitcoin Pizza Day,” in reference to the first commercial Bitcoin (BTC-USD) transaction that took place 15 years ago. On that day in 2010, early adopter and miner Laszlo Hanyecz bought two large Papa John’s (PZZA) pizzas for 10,000 BTC, signaling the potential for real-world purchases and Bitcoin as a medium of exchange.

At the time, BTC was only a small development among tech nerds, but would eventually capture the love of investors and the market. Commodity or currency? Regulated or decentralized? Safe haven or risk asset? There have been many questions about Bitcoin along the way, but check out the list of milestones in the graphic above that paved the way toward wider adoption.

SA commentary: “Following its recent consolidation phase, Bitcoin is poised for a significant rally, potentially reaching $176,000,” writes Investing Group Leader Joe Albano. “The creation of Bitcoin ETFs has significantly boosted retail investor participation, legitimizing the asset class and driving prices higher,” adds SA Analyst Dividend Seeker. “Governments, including the US, are now considering Bitcoin strategic reserves, adding a new layer of legitimacy and potential price support.”