Flashback to Bitcoin Price in 2016, Much Different from Now!

Bittime - Who would have thought, Bitcoin, which is now worth hundreds of millions of rupiah per coin, was once valued at under IDR 10 million. 

Come on, let's flashback to 2016. What are the important events? influence Bitcoin price at that time? Read this article to find out!

Bitcoin Price in 2016 

Bitcoin price 2016 is in the range $434,46 or around IDR 6 million (assuming the current exchange rate). Compared to current prices which reach hundreds of millions of rupiah, this figure certainly feels very cheap. 

In fact, in mid-January 2016, Bitcoin prices touched their lowest point in $358,77 or around IDR 5 million.

Read Also: Bitcoin Price Prediction Today January 8 2025

Profit of Bitcoin Price in 2016

For those who bought Bitcoin at that time, big profits were definitely in hand. For example, if you buy Bitcoin worth IDR 10 million on January 1 2016, then you will have around 1,6834 BTC. 

With the current Bitcoin price, the investment value has reached billions of rupiah. If you compare the 2016 Bitcoin price with the current price, it means you have made a very big profit.

Bitcoin Price in 2016 Soars in End of year 

Towards the end of 2016, Bitcoin showed a significant upward trend. On December 28, 2016, Bitcoin price reached its highest point in $978,01, before finally ending the year in $968,23. 

This increase was driven by various factors such as the following.

1. Bitcoin Hash Rate Reaches 1 Exahash per Second (January 2016)

At the beginning of the year, the Bitcoin network recorded an increase in computing power with a hash rate that surpassed 1 exahash per second. This shows the increasing number of miners involved, as well as increasingly strong network security.

2. Japan Recognizes Bitcoin as Currency (March 2016)

Japan became one of the first countries to officially recognize Bitcoin as a currency. This boosts Bitcoin's legitimacy on a global level, while attracting the attention of investors and institutions to the crypto market.

3. Bitfinex Hack (August 2016)

Meanwhile, 2016 was also marked by major incidents, such as the Bitfinex hack that led to its disappearance 120.000 BTC (equivalent to $60 million Bitcoin price 2016). This incident shook the market, but Bitcoin managed to recover.

4. Swiss Railway Accepts Bitcoin Payments (November 2016)

Swiss Federal Railways made a breakthrough by allowing ticket purchases using Bitcoin. This expands the use of Bitcoin in everyday life and is one important step towards mainstream adoption.

5. Bitcoin Halving (2016)

One of the most historic moments is Second Bitcoin halving, which occurred in July 2016. The reward for miners was reduced from 25 BTC to 12.5 BTC per block. 

This Bitcoin halving reduced the supply of new Bitcoin, which ultimately pushed the price of Bitcoin in 2016 to almost double by the end of the year.

Read Also: Why is Bitcoin Cs Down Today? Check out the reasons!

Conclusion of Bitcoin Price in 2016

2016 was an important year in Bitcoin history. With its relatively cheap price, Bitcoin is starting to attract worldwide attention thanks to global adoption, favorable regulations, and other major events.

For those who have held Bitcoin since 2016, the profits achieved are certainly very large. For new investors, this is a reminder that Bitcoin investment requires patience.

Read Also: Investors Target Bitcoin for Long-Term Investment, Here's Why!

Bitcoin FAQs

What are Bitcoins?

Bitcoin is the world's first crypto asset and the largest crypto asset by market capitalization. Bitcoin was first created in 2009 by Satoshi Nakamoto, whose true identity until now no one knows.

How many Rupiah is 1 BTC?

Currently, 1 BTC is worth IDR 1,564,323,292 based on the Bittime market. 

1 BTC How much is USD?

Currently, 1 BTC is worth $95,946.51 according to Coinmarketcap. 

How to Buy Crypto with Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference

Bitcoin Calendar, Bitcoin Calendar, accessed January 8, 2024.

Coinmarketcap, Coinmarketcap Bitcoin Currency, accessed January 8, 2024.

Author: IPR