Turkey has announced its new minimum wage earlier than expected after prolonged negotiations, a decision that is particularly relevant to a significant portion of Turkish cryptocurrency investors. With a substantial number of minimum wage workers in Turkey, there is curiosity about how much cryptocurrency can be bought with the minimum wage in 2024.
The net minimum wage for the upcoming year has been set at 17,002 Turkish Lira (TL). Despite objections from worker representatives, who hold only 5 seats out of 15 on the wage determination commission, the decision remains unchanged. The workers had demanded a figure above 18,000 TL and a mid-year review for a potential second increase in 2024.
It has been indicated that there will be no mid-year raise, and most workers in Turkey will earn a net wage of 17,002 TL until the end of 2024. The newly announced minimum wage equates to approximately 0.0132828125 Bitcoin (BTC), 904 XRP Coins, and 0.24 Ethereum (ETH) based on current exchange rates. The year 2014 saw the highest BTC purchase power with the minimum wage, where 0.98 BTC could be bought for 846 TL. This figure has since decreased to 0.013 BTC today.
A table shows the potential amounts of selected cryptocurrencies that could be purchased with the new minimum wage, depending on the price changes in 2024. The 2024 minimum wage, equivalent to 578.3 dollars, may lose more purchasing power if the expected significant rise in cryptocurrency markets occurs. Therefore, those planning smaller investments might prefer to buy in small but regular increments.
For instance, if one had purchased 100 TL worth of BTC every month throughout 2023, the total balance would now be 1,900 TL against an investment of 1,100 TL. Applying the same strategy to Ethereum would have resulted in a balance of 1,647 TL, and for XRP Coin, it would have been 1,794 TL.
The table also illustrates how regular, small-scale investments in cryptocurrencies can accumulate over time, offering a strategy for minimum wage earners to engage in the cryptocurrency market despite potential volatility and rising prices.