The 15th anniversary of Bitcoin Pizza Day last week was marked by the cryptocurrency attaining a new all-time high of $111 534,
On 22 May 2010, developer Laszlo Hanyecz famously paid 10 000 Bitcoin for two pizzas – a transaction worth over $1,1-billion at today’s prices.
The new high comes as global cryptocurrency market capitalisation reached approximately $3,48-trillion, increasing while traditional equity markets experienced downward pressure.
The Bitcoin rally has triggered substantial institutional interest, with Bitcoin Exchange-Traded Funds (ETFs) recording over $607-million in inflows following the new price peak.
“This decoupling from traditional equities is particularly noteworthy,” says Christo de Wit, country manager of Luno. “For South African investors, this development underscores the growing importance of cryptocurrency as a potential portfolio diversification tool, particularly as global economic conditions continue to evolve.”
The broader cryptocurrency market is benefiting from Bitcoin’s momentum, with altcoins also posting gains.