Nation-state adoption of Bitcoin has become the new frontier for crypto advocates, a far cry from the days when the currency’s biggest achievement was buying two pizzas.
Bitcoin Pizza Day: A Transaction That Changed EverythingHappy Bitcoin Pizza Day.
Sixteen years ago, 10,000 BTC bought two pizzas. Today those coins are worth ~$760M and we’re still debating how to tax the transaction.
Only a few hundred transactions were being processed on the Bitcoin network each day at the time, with almost no payment infrastructure or institutional involvement to speak of.
From Two Pizzas To Oil TankersThe announcement generated significant attention in crypto circles. However, according to Sam Lyman, head of research at the Bitcoin Policy Institute, no onchain evidence exists of any oil toll being paid in Bitcoin as of publication. Tether’s USDT stablecoin has remained the dominant payment method for those transactions.
Back home in the US, lawmakers have been pushing Bitcoin-related legislation as well. A renewed effort to establish a strategic Bitcoin reserve was introduced through the ARMA bill, with some states also moving to exempt Bitcoin payments from certain taxes.
What began as a $41 experiment is now a global conversation about national reserves, international trade, and the future of money itself.
Featured image from Unsplash, chart from TradingView
