Bitcoin (BTC) experienced a relatively calm trading day on Wednesday as the global crypto community celebrated “Bitcoin Pizza Day.” After a significant surge on Monday that saw its value reach $71,360, Bitcoin showed a brief period of retracement, reflecting the typical volatility of the cryptocurrency market.

Bitcoin Pizza Day, held annually on May 22nd, marks the first recorded real-world Bitcoin transaction. On this day in 2010, programmer Laszlo Hanyecz made history by offering 10,000 Bitcoins (now worth over $703 million) for two Papa John’s pizzas. This seemingly minor transaction represents a key moment in Bitcoin's path to mainstream acceptance.

To celebrate, cryptocurrency enthusiasts around the world participate in various events, from in-person meetups to online gatherings and social media campaigns. Businesses, including restaurants and online retailers, join the festivities by offering special deals for customers using Bitcoin.

On Wednesday, prominent figures in the crypto world took to social media to celebrate Bitcoin Pizza Day. Binance CEO Richard Teng highlighted the growth of the industry over the past decade, noting the expanded use of cryptocurrencies beyond just purchasing pizza.

“A very happy Bitcoin Pizza Day, everyone! Today offers a heartwarming reminder of how young our industry is, but also how much we’ve grown and evolved in the past 14 years. You can now buy a lot more than just pizzas with crypto!” Teng wrote.

Bitcoin maximalist Michael Saylor also expressed gratitude to Laszlo Hanyecz for his pioneering transaction and wished the community a happy Bitcoin Pizza Day.

Crypto exchanges like Gemini, Bybit, and Coinbase participated in the celebrations by offering giveaways and promotions to engage users.

Bitcoin Pizza Day serves as a reminder of the transformative potential of cryptocurrency and blockchain technology. Bitcoin's acceptance by millions of businesses worldwide and developments like El Salvador adopting Bitcoin as legal tender highlight its growing role in global finance.

Moreover, Bitcoin’s popularity has caught the attention of politicians and regulators. Candidates in the upcoming US presidential election are courting the crypto community by promising better crypto incentives and accepting Bitcoin donations, leading to what is being called the “First Bitcoin Election.”

At press time, Bitcoin was trading at $70,024, reflecting a 1.88% decline over the past 24 hours.