Binance executive says retail investors flock to Bitcoin (BTC) and cryptos amid rampant inflation: Report
A top executive of the world’s largest crypto exchange platform by trading volume reportedly says retail investors are buying up crypto assets as inflation continues to wreak havoc on the global economy.
According to a new report from Reuters, Maximiliano Hinz, the head of Binance in Latin America, says that a rise in worldwide inflation is pushing investors to buy Bitcoin (BTC) and other digital assets as a means of protecting their wealth.
“Now that we’re seeing inflation rising around the world, we’re seeing more and more people looking to cryptocurrency, like Bitcoin, as a way to hedge against inflation.”
According to Hinz, Binance is witnessing an increase in new users due to inflation and a strong dollar. One of the crypto exchange giant’s best markets is Argentina, a country with an annual inflation rate of 71% in July this year. Brazil and Mexico are also among Binance’s biggest markets.
According to Hinz, this phenomenon is happening despite the lack of clear rules for crypto assets across the region.
“Regulation is a framework, but it is not always negative that something is not regulated. If something is not forbidden, then it is legal.”
Earlier this month, Binance and Mastercard teamed up to launch a crypto card in Argentina that aims to bridge the gap between digital assets and everyday purchases, such as goods, services and bills.
According to the press release, the product is currently in beta, but will be widely available in the coming weeks.
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