As in every December, this year, all eyes are on the decision to be made for the new minimum wage. In the first meeting of the Minimum Wage Determination Commission, which will take place on December 11th, estimates are suggesting a 50% increase in the minimum wage. With this step, it is expected that the gross minimum wage will rise to 20,121 liras and the net to 17,104 liras in 2024. So, after the minimum wage increase, how much Bitcoin, Ethereum, Shiba Inu, and XRP can an investor buy? Let’s take a look.
Expectations for the Minimum Wage in 2024
In recent years, due to the increase in foreign exchange and inflation, wage increases in our country continue to be insufficient. The interest rate decisions taken by the Central Bank of the Republic of Turkey have recently led to a decrease in Turkey’s credit default swap risk premium and an increase in international credit rating agencies’ credit rating outlook.
With these developments, on December 1st, Standard & Poor’s raised Turkey’s credit rating to “B” and announced that the credit rating outlook has been changed from stable to positive. Despite these developments, while the dollar and euro continue to rise, the Turkish lira continues to lose value. According to the report shared by the institution, it was announced that if the balance of payments improves, foreign exchange reserves increase, and a decrease in dollarization is observed within 12 months, the long-term country rating could be increased by one notch.
Buying Crypto with the Minimum Wage in 2024
So, after raising the gross minimum wage from 13,414 liras in 2023 to a minimum of 17,104 liras, how much Bitcoin, Ethereum, Shiba Inu, and XRP can be bought with a monthly minimum wage? We are examining the TL prices on the price data platform 21milyon.com. On this platform, you can examine all TL pairs and total trading volumes of local centralized crypto exchanges operating in Turkey.
Due to both the increase in the cryptocurrency market and the depreciation of the Turkish lira, we will be able to make less crypto investments in 2024, according to the minimum wage calculation we published on June 20, 2023. Of course, if we can solve the problems of high cost of living and high inflation.
