Many people see cryptocurrencies as an investment opportunity. Some use it only as a money transfer and safe savings account. So, if you bought 10 thousand lira worth of Bitcoin a year ago, how much would you earn now?
Another country made Bitcoin legal currency
The Central African Republic adopted Bitcoin as its legal currency. Can the pressure of Russia and France be broken with crypto?
How much was Bitcoin a year ago?
We are looking at a global cryptocurrency exchange (Binance) to see the current value of Bitcoin and its market selling price a year ago. When we examine the BTC/USDT chart in detail, we see that it is instantly at the level of 39 thousand dollars.
Again, according to the BTC/USDT chart, one year ago, on May 4, 2021, the value of Bitcoin was at $ 57,230. In fact, we can say that it coincides with the period when BTC fell right after breaking its historical record.
Over the past year, towards the end of 2021, Bitcoin has once again started to rise, breaking a record once again with a value of $ 69 thousand towards the middle of November. But then it regresses to the level of 32 thousand 950 dollars.
Although it has periodically approached the threshold of 50 thousand dollars, it has now been withdrawn to 39 thousand dollars as we have stated. Therefore, a person who bought BTC exactly 1 year ago has made a loss of about 31 percent if he has not made any sales transactions so far.
But we also need to look at the Dollar / TL chart. Because at that time, the dollar was lower against the lira than it is now. In fact, on May 4, 2021, 1 dollar was equivalent to 8.32 TL. For this reason, a person who entered the crypto money exchange with 10 thousand TL would have invested exactly 1,201 dollars in BTC.
He would have already had $829, as he had suffered a loss of around 31 percent. But at the moment, the value of the dollar against the lira is quite high. In fact, 1 dollar is equivalent to 14.85 TL. For this reason, the value of the money in BTC / USDT is 12 thousand 310 TL.
In other words, he actually subsidizes the damage he suffered in crypto money with dollars. However, when we take into account that our lives have become more expensive during this period and the high inflation has been announced, we can say that the 12 thousand 310 TL he has now is less valuable than the 10 thousand TL 1 year ago. However, it should be noted that on paper, it is not a loss, but a profit.
What do you think about this subject? Don’t forget to share your feedback with us on the SDN Forum or in the comments!