. . . You do know about Bitcoin Pizza Day, don't you? On May 22, 2010, Laszlo Hanyecz, a programmer from Florida, paid 10,000 bitcoins for two Papa John's pizzas—the first recorded bitcoin transaction in history. Now, May 22 is observed in the crypto community as "Bitcoin Pizza Day" and is no doubt celebrated with many a pizza order.

At the time of Hanyecz' iconic pizza purchase, 10,000 bitcoins were valued at $41. Precisely 15 years later, on May 22, 2025, bitcoin hit an all-time record high valuation of nearly $112,000. That means that, in today's prices, Hanyecz paid over $1,000,000,000 for those two pizzas. I hope they tasted good.

So, are you looking at all of this Bitcoin Mania 2.0 (or is it 3.0?) and scratching your head in wonder? If so, welcome to the crypto party. You must be new here.

Dedicated Corbett Reporteers are, of course, not new here. They'll remember back in March of 2017, when the price of one bitcoin surpassed the price of one ounce of gold for the first time, prompting me to write "Bitcoin Over Gold: What Does It Mean?"

And they'll remember back in December of 2017, when bitcoin broke the $10,000 mark for the first time, prompting me to write "Bitcoin $10,000: What Does It Mean?"

Given that we're now past the $100,000 mark, I'd say it's time for an update to that article, wouldn't you?

So, without further ado, let's roll up our sleeves and get to work answering the question everyone is asking: what the hell is going on with bitcoin?