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A top executive of the world’s largest crypto exchange platform by trading volume is reportedly saying that retail investors are buying up crypto assets as inflation continues to ravage the global economy.
According to a new by Reuters, Maximiliano Hinz, the head of BINANCE in Latin America, says that a rise in worldwide inflation is pushing investors into buying Bitcoin () and other digital assets as a means of protecting their wealth.
“Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like Bitcoin, as a way to protect themselves from inflation.”
According to Hinz, Binance is witnessing a surge in new users due to inflation and a strong dollar. One of the crypto exchange giant’s top-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 biggest markets.
According to Hinz, this phenomenon is happening despite the lack of clear regulations for crypto assets across the region.
“Regulation is a framework, but it’s not always negative that something isn’t regulated. If something isn’t banned, then it’s legal.”
Earlier this month, Binance and Mastercard teamed up to a crypto card in Argentina that aims to bridge the gap between digital assets and everyday life purchases, such as goods, services and bills.
According to the press release, the product is currently in beta phase but will become widely available in the coming weeks.
