Bitcoin’s Peaks and Troughs

BtcTurk is Turkey’s very first Bitcoin and cryptocurrency exchange, and was also the fourth to launch worldwide. On July 1, 2013 it became the first exchange to conduct a Bitcoin to Turkish Lira transaction between BtcTurk founder Kerem Tibuk and BtcTurk CTO Ozan Yurtseven. On that date, 0.3 BTC exchanged hands, with one BTC being priced at 183 Turkish Liras.

Seven years have passed since that first Lira to Bitcoin transaction, in which time Bitcoin’s price has exceeded 215.000 Turkish Liras. There have been many ups and downs during those seven years, which we have illustrated below in a table that shows the highs and lows of the Bitcoin price in those years:

The most remarkable increases in the Bitcoin price have taken place in the years following the Bitcoin reward halving, reflecting the importance of its supply reduction mechanism. Every four years the Bitcoin reward decreases by half, and Bitcoin price increases tend to follow.

Since January 3, 2009, when the first block of the Bitcoin blockchain was produced, there have been three halving events. The first halving in 2012 saw the reward to Bitcoin miners fall from 50 BTC to 25 BTC per block. This was again halved to 12.5 BTC in 2016, while the third halving, which took place on May 11 this year, reduced the reward further, to 6.25 BTC for each block mined.

Despite this decrease in supply over the years, 18.5 million BTC has been mined, which corresponds to approximately 88 percent of Bitcoin’s total production limit of 21 million. Production of the final 2.5 million BTC will take another 120 years, with the last block set to be mined in 2140.

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