What would your loss be if you bought 10 thousand lira worth of Bitcoin a year ago?

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 your loss be 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 were Bitcoin and dollars 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 30 thousand dollars.

Source: Binance

Again, according to the BTC/USDT chart, one year ago, on June 9, 2021, the value of Bitcoin was around 36 thousand dollars. In fact, we can say that it coincided with the period when BTC broke its first record, hitting $ 64 thousand, and fell right after it.

In the past year, towards the end of 2021, Bitcoin has made another debut, breaking a record for the second time with a value of 69 thousand dollars towards the middle of November. But then it fell to the level of 18 thousand dollars.

Source: Binance

Although it has periodically approached the 50 thousand dollar threshold, it has now been withdrawn to 18 thousand dollars as we mentioned. Therefore, a person who bought BTC exactly 1 year ago has made a loss of about 50 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 value of the dollar against the lira was lower than it is now. In fact, on May 19, 2021, 1 dollar was equivalent to 8.74 TL. For this reason, a person who entered the crypto money exchange with 10 thousand TL would have invested exactly 1,144 dollars in BTC.

Source: currency chart

He would have already had $572 as he had suffered a loss of around 50 percent on his crypto investment. But at the moment, the value of the dollar against the lira is quite high. In fact, 1 dollar is equivalent to 17.33 TL. For this reason, the value of his money in BTC/USDT is also 9 thousand 914 TL is happening.

So in fact, more than 45 percent of the loss in cryptocurrencies is subsidized by dollars. However, when we take into account that our lives have become more expensive during this period and the high inflation that has been announced, we can say that the 10 thousand TL we have now is less valuable than the 10 thousand TL 1 year ago. However, it should be noted that there is very little damage on paper.

What do you think about this subject? Don’t forget to share your feedback with us on the SDN Forum or in the comments!

source site-32