The 10,000 bitcoin that bought two pizzas in 2010 is now worth $777.87 million — down $328 million from last year's Pizza Day valuation of $1.106 billion. That's a 29.7% year-over-year drop, the steepest decline for the so-called pizza stack since 2015, when prices fell 54% during a bear market. Bitcoin traded near $77,787 on May 22, 2026, compared to $110,568 on the same day in 2025.
The biggest dollar drop in Pizza Day history
Bitcoin has now fallen in six of the 16 Pizza Day anniversaries since the famous transaction, but 2026 marks the largest absolute dollar decline in that streak. Last year, bitcoin was riding a wave of institutional inflows and had just set a new all-time high of $110,568 on Pizza Day itself. That record would later be topped in October 2025, when bitcoin hit $126,000 amid strong institutional demand. But the peak didn't last.
What went wrong in between
On October 10, 2025, President Trump announced 100% tariffs on Chinese imports, triggering nearly $200 billion in losses across crypto markets. Bitcoin fell from $122,000 to $107,000 in the immediate aftermath. Then came Q1 2026 — the worst opening quarter since 2018. Bitcoin closed the period down 22.2%, and spot Bitcoin ETFs bled a net $496.5 million as tensions with Iran rattled risk assets.
A hard Q1, a milder Q2
Q2 2026 has brought partial relief: bitcoin climbed roughly 14% over the quarter, but it remains in the red year-to-date. At $77,787, the price sits 38% below the October record. The pizza stack's value has now fallen in six of the 16 anniversaries, and this year's 29.7% slide is the sharpest since 2015's 54% wipeout — a reminder that the road from pizza to peak can run both ways.
