Binance, the world’s largest cryptocurrency exchange, is seeing a surge in clients due to rising inflation; and a historically strong dollar that has depressed emerging market currencies.
“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,” said Maximiliano Hinz, who heads Binance in Latin America, during an interview in Lima.
Hinz pointed to the example of Argentina, where annual inflation is at 90%. The country has grown into one of the company’s top markets, he said, together with Brazil and Mexico.
Argentina saw citizens pour savings into bitcoin this year despite a crash in cryptocurrency prices. read more
While El Salvador has made headlines for adopting bitcoin as legal tender, Hinz said other Latin American nations have yet to pass meaningful cryptocurrency legislation, although he does not necessarily consider that a bad thing for the company.