Bitcoin was the first cryptocurrency and remains the most dominant, both in market capitalisation and broad acceptance. In the past few years, Bitcoin found its way to the financial world as well. For many investors, the value on January 1st is a crucial factor, as it is often used for tax purposes. We take a look at Bitcoin prices on January 1st over the past ten years, both in euros and dollars.
Taxes on crypto
Specifically in the Netherlands, owning cryptocurrency is subject to taxes. Depending on how someone acquired their Bitcoin (professionally, income, or investment), there may be corporate tax, income tax, or wealth tax obligations. Always verify what applies to your specific situation, or contact Blockrise for support.
For a Dutch tax return statement, the value of the cryptocurrency on January 1st of the previous year is considered. So, when filing taxes in March 2024, an investor needs to report the value of their Bitcoin holdings on January 1, 2023.
Bitcoin value on January 1st
The Bitcoinprice varies between the exchanges it is traded on. We have used data from Coingecko, an independent platform that calculates prices based on averages from various public exchanges. The rates used below were applicable at midnight on January 1st.
| Year | Bitcoin price January 1st (in euros) | Bitcoin price January 1st (in dollars) |
|---|---|---|
| 2024 | €38,341 | $42,320 |
| 2023 | €15,402 | $16,540 |
| 2022 | €40,815 | $46,319 |
| 2021 | €23,749 | $29,022 |
| 2020 | €6,416 | $7,195 |
| 2019 | €3,218 | $3,692 |
| 2018 | €11,732 | $14,093 |
| 2017 | €948 | $998 |
| 2016 | €400 | $434 |
| 2015 | €259 | $313 |
| 2014 | €560 | $767 |
Price differences across exchanges
Before delving into the numbers, it's important to note that Bitcoin prices on January 1st can vary depending on the exchange. Different crypto exchanges may have slight price variations due to liquidity, trading volume, and other factors. The prices mentioned above are indicative in nature and should not be used for any legal or financial purposes. Always verify the specific exchange's price. Also, consider possible exchange rate differences between the euro and the dollar if applicable to your situation.
Lows between 2018 and 2019
In 2017, Bitcoin experienced a booming period, reaching a new all-time high just before the New Year. As a result, the price on January 1st, 2018, was exceptionally high. However, Bitcoin lost momentum afterward, and the markets became more volatile and scared due to several hacks and Ponzi schemes, resulting in a significant difference between 2018 and 2019; with a drop of a staggering 73%.
64% drop between 2022 and 2023
The year 2022 was turbulent for the crypto world as a whole. A major hack was followed by the Terra/LUNA crash in May, followed by the downfall of Celsius and several other well-known cryptocurrency parties. The year ended with the collapse of one of the largest exchanges at the time: FTX. Consequently, Bitcoin experienced a 64% drop between January 1st, 2022, and January 1st, 2023.
The information provided in our articles is intended solely for general informational purposes and does not constitute (financial) advice.
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