🍕 From Pizza to Digital Gold
Bitcoin's journey from $0.0041 to store of value
The $1+ Billion Pizza Story
May 22, 2010
Programmer Laszlo Hanyecz paid 10,000 bitcoins for two Papa John's pizzas. Those bitcoins were worth about $41 at the time.
Today? Over $600 million.
This isn't a story about bad decisions—it's about how Bitcoin evolved from an experiment into digital gold.
🏛️ Austrian Economics: Time Preference
"Low time preference is the willingness to delay gratification for greater future rewards." — Saifedean Ammous, The Bitcoin Standard
Inflationary money encourages spending now because your money loses value over time. Sound money like Bitcoin encourages saving—your purchasing power may increase.
Someone who bought $100 of Bitcoin in 2013 and held (low time preference) would have far more purchasing power than someone who spent it immediately (high time preference).
📈 Bitcoin's Price Journey
Pizza Day - first real-world purchase
First major bull run
Crypto mania peak
All-time high
🏢 Institutional Adoption
Bitcoin's journey from "internet money" to institutional asset:
MicroStrategy
First public company to adopt Bitcoin as treasury reserve. Now holds 150,000+ BTC.
El Salvador
First country to make Bitcoin legal tender (September 2021).
"Bitcoin is the first monetary system capable of storing all the monetary energy in the world."
💰 The Halving Cycle
Every ~4 years, Bitcoin's new supply is cut in half. This increasing scarcity has historically preceded major price increases.
🏛️ Austrian Economics: The Cantillon Effect
"Those closest to the money printer benefit most from new money creation." — Richard Cantillon, 18th century economist
When governments print money, banks and wealthy institutions receive it first. By the time it reaches ordinary people, prices have already risen.
Bitcoin's issuance is algorithmic and neutral. New bitcoins go to miners who expend real resources—no insider advantage.
📝 Check Your Understanding
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