Maximiliano Hinz, CEO of the Latin American division of the cryptocurrency exchange Binance, said that the sharp increase in inflation in the region has pushed people to trade digital assets.
In recent years, a lot of popular people and financial experts have begun to draw attention to cryptocurrencies. The rise in inflation, as well as the extremely high exchange rate of the US dollar, is forcing Latin Americans to look for new ways to save their savings. This is where digital assets come to the rescue.
“We see that inflation is growing all over the world, and people are increasingly looking for an opportunity to invest in cryptocurrencies, such as bitcoin, to protect themselves from it,” said Maximiliano Hinz.
As an example, the CEO of the Latin American division of Binance cited Argentina – annual inflation here has already “passed” over 90%. Not surprisingly, the Argentines take up the lion’s share of new registrations on the site. There has also been a significant increase in the number of users from Brazil and Mexico, where the economic situation leaves much to be desired.
Earlier, a large retailer Mercado Libre, operating in Latin America, announced plans to expand its cryptocurrency trading services.
Source: Bits
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