Binance executive says retail investors are flocking to Bitcoin (BTC) and crypto amid rampant inflation: report
A top executive at the world’s largest crypto exchange platform by trading volume reportedly says retail investors are buying up crypto assets as inflation continues to ravage the global economy.
According to a new report from Reuters, Maximiliano Hinz, the head of Binance in Latin America, says a surge in global inflation is urging investors to buy Bitcoin (BTC) and other digital assets to protect their wealth.
“Now that we are seeing inflation rising globally, we are seeing more and more people looking to cryptocurrencies like bitcoin to protect against inflation.”
According to Hinz, Binance is seeing a surge in new users due to inflation and a strong dollar. One of the crypto exchange giant’s best-performing markets is Argentina, a country with an annual inflation rate of 71% as of July this year. Brazil and Mexico are also among Binance’s largest markets.
According to Hinz, this phenomenon occurs despite the lack of clear regulations for crypto assets across the region.
“Regulation is a framework, but being unregulated is not always a negative. What is not forbidden is legal.”
Earlier this month, Binance and Mastercard partnered to launch a crypto card in Argentina that aims to bridge the gap between digital assets and everyday purchases like goods, services and bills.
According to the press release, the product is currently in beta but will be generally available in the coming weeks.
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