The Turkish government has officially set the minimum wage for 2025 at 22,104 TL. This decision is marked by a 30% increase from the previous year’s wage; however, it significantly lags behind the annual inflation rate of 47%, leaving many workers concerned about their purchasing power. The Turkish Statistical Institute confirmed the inflation figure, noting that the minimum cost of living for an individual worker is estimated at 26,712 TL, raising questions about what this wage will truly afford in terms of basic needs and purchases like cryptocurrency.
Details on the Minimum Wage Increase
The minimum wage had been set at 17,002 TL for 2024, with labor representatives like Türk-İş advocating for a much higher minimum of 29,583 TL. During a live announcement, Labor Minister Vedat Işıkhan revealed the new wage, which many believe does not sufficiently address the soaring inflation.
What Crypto Can Be Afforded with the New Wage?
With the new minimum wage, workers will find it increasingly difficult to invest in cryptocurrencies compared to previous years. In 2023, a minimum wage worker could buy varying amounts of cryptocurrency. For instance, they were able to secure substantial portions of Bitcoin and Ethereum. However, for 2025, the purchasing power has diminished significantly.
The decline in cryptocurrency access can be attributed to:
- Rising cryptocurrency market prices
- Insufficient wage adjustments
- Continuous depreciation of the Turkish Lira against the US dollar
As of January 2, 2024, the exchange rate for the USD was 29.66 TL, but it has surged to 35.2 TL as the year progresses. Given the inflation of the dollar and the depreciating value of the TL, workers may face a financially taxing year ahead, affecting both their daily expenses and investment opportunities.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
