Bitcoin surged to an all-time high of $111,000 on May 22, a date forever etched in crypto history as Bitcoin Pizza Day—the anniversary of the first BTC transaction in 2010, when two pizzas were bought for 10,000 BTC. That $40 meal is now worth $1.1 billion, underscoring just how far the leading cryptocurrency has come.
This rally marks a significant moment for Bitcoin, not just symbolically, but fundamentally. Despite macroeconomic headwinds—most notably Trump-era tariffs that rattled markets in April—BTC continues to outperform traditional assets, suggesting its decoupling from the S&P 500 may be stronger than once thought.
Market Cheers, but Challenges Persist
Crypto investors across social media celebrated the milestone with glee. Michael Saylor, Executive Chairman of Strategy, posted that anyone still hesitating to buy Bitcoin is “leaving money on the table.” The sentiment reflects the broader excitement around institutional and retail momentum entering the space.
This record-breaking move comes amid growing anticipation surrounding two major events: President Trump’s exclusive gala for $TRUMP token holders and next week’s Bitcoin 2025 conference in Las Vegas, where Vice President JD Vance will deliver a keynote.
Bitcoin has surged 8.5% in the past week, compared to Ether’s 3.2%, BNB’s 4.9%, and Solana’s 3.5%, cementing its leadership in the current bull cycle.
Still Early? Google Trends Suggest So
Interestingly, Google Trends data reveals that retail interest has not surged in tandem with prices—indicating that the bull run may still be in its early stages. Many potential investors remain on the sidelines, suggesting that if momentum continues, there could be considerable upside left.
Ryan Chow, CEO of Solv Protocol, says this breakout reflects the increasing recognition of Bitcoin as a “macro asset, global edge, and digital reserve.” He added:
“This isn’t a passing trend. When BlackRock and Fidelity build Bitcoin infrastructure, that’s a vote of confidence from TradFi.”
But while the price surge suggests validation, others warn of underlying friction in crypto’s infrastructure and usability.
Caution From Industry Leaders
Leo Fan, co-founder of Cysic, points out that most users still treat crypto as a speculative vehicle rather than interacting with blockchain tech itself:
“To truly go mainstream, crypto must disappear into the background—users shouldn’t even notice it’s there.”
Dan Hughes, founder of Radix, added:
“We’re about to find out what happens when Wall Street meets dial-up internet. If crypto is to power the next financial system, it must scale and support institutional-grade throughput.”
ETFs and Prediction Markets Reflect Growing Optimism
Data from SoSoValue shows $609 million flowed into spot Bitcoin ETFs on May 21, though still below post-election highs of over $1.3 billion. Investors remain cautiously optimistic.
Prediction market Polymarket shows rising confidence:
- 84% chance of BTC hitting $120,000 by year-end (up from 33% in early April)
- 41% odds of $150,000
- 20% chance of reaching $200,000 in 2025
