Turkey’s minimum wage has finally been determined, with the announcement coming earlier than expected after prolonged negotiations. This decision is of great concern to a significant portion of Turkish cryptocurrency investors. There is a considerable number of minimum wage workers in Turkey. So, according to the price expectations for the year 2024, how much cryptocurrency can be bought with the minimum wage?
What is the Minimum Wage in TL for 2024
The net minimum wage for the next year has been announced as 17,002 TL. A few minutes ago, Minister Işıkhan announced the amount, which was contested by worker representatives. However, the objection of the worker side, which only represents 5 seats in the 15-member determination commission, cannot change the decision taken. The worker side’s demand was for a figure over 18,000 TL and to negotiate a second raise in the middle of 2024.
According to the message given today and previous statements, there will not be a second raise in the middle of the year, and a significant portion of workers in Turkey will work for a net wage of 17,002 TL until the end of 2024.
Minimum Wage and Cryptocurrencies
The minimum wage announced today is worth exactly 0.0132828125 BTC according to current data from 21milyon.com. Similarly, with the new minimum wage at the current exchange rate, one can buy 904 XRP Coins and 0.24 ETH. The year 2014 was the year when the most BTC could be bought with the minimum wage over the last 10 years. At that time, with a minimum wage of 846 TL, one could buy 0.98 BTC. In subsequent years, with the growth of BTC, this number dropped to 0.046 in 2019 and to 0.013 BTC today.
The table shows the amounts of selected 3 cryptocurrencies that can be bought with the new minimum wage depending on the price changes in the year 2024.
The 2024 minimum wage, equivalent to 578.3 dollars, could lose even more purchasing power if the expected major rise in the cryptocurrency markets begins. Therefore, those planning to invest smaller amounts may prefer to make purchases in regular but small increments. For example, if you had bought 100 TL worth of BTC every month during 2023, your total balance would now be 1,900 TL against an investment of 1,100 TL.
If you did the same with Ethereum, you would have reached a savings of 1,647 TL. As you can see in the table below, if you had accumulated XRP Coin, you would have had 1,794 TL.
