One exec claimed that the effects of inflation are prompting more people to explore bitcoin and crypto investments.
One exec claimed that the effects of inflation are prompting more people to explore bitcoin and crypto investments.
Binance, the world’s largest cryptocurrency The exchange is seeing a surge in clients due to rising inflation and a historically strong dollar, which has depressed emerging market currencies, an executive told Reuters on Wednesday, without disclosing numbers.
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“Now that we are seeing rapid inflation around the world, we are seeing more and more people demand cryptocurrencies like bitcoin,” Maximiliano Hinz, Head of Binance in Latin America, said during an interview. That to protect ourselves from inflation.” in Lima.
Hinz pointed to the example of Argentina, where annual inflation is 90%. Together with Brazil and Mexico, the country has become one of the company’s top markets, he added.
Argentina has seen citizens save in bitcoin this year, despite a drop in cryptocurrency prices.
While El Salvador has made headlines for adopting bitcoin as legal tender, Hinze said that other Latin American countries have yet to pass meaningful cryptocurrency legislation, though he doesn’t necessarily consider that a bad thing for the company. do it.
“Regulation is a framework, but it is not always negative that something is not regulated,” he said. “If something isn’t banned, it’s legal.”
Under President Nayib Bukele, El Salvador Is Betting Big on BitcoinMade it legal tender and bought over $100 million of the cryptocurrency, which has lost nearly 50% of its value this year amid widespread cryptocurrency selloffs.