Binance’s User Count Growing Due to Inflation, Says the Company’s Latin America Head

Maximiliano Hinz, the top executive at Binance Latin America, claimed that the spike in inflation is the primary reason why the largest cryptocurrency exchange has been able to attract more clients over the past months. The historically strong dollar has also contributed to the decline of fiat currencies in emerging markets.

Many celebrities and experts have advised that bitcoin investing during the inflationary crisis is a good strategy to preserve wealth. MicroStrategy’s Michael Saylor and Jordan Peterson are just a few of the many examples. Barry Sternlicht, Paul Tudor Jones III, Paul Tudor Jones III, Paul Tudor Jones III, Barry Sternlicht, and Barry Peterson are all other examples.

Latin Americans flock to crypto

Hinz stated that Binance’s growing client base is mainly Latin American-based users in a recent interview with Reuters. The main reason is the region’s high inflation and monetary distress.

“Now that inflation is on the rise worldwide, we see that more people are looking for cryptocurrency like bitcoin to help them protect themselves against inflation.”

Hinz described Argentina as an example. The nation’s annual inflation rate has surpassed 90% while political chaos and unemployment reign. It is not surprising that Binance’s most recent customers are Argentines. Soon after, residents of Brazil and Mexico (where there are important economic issues) will follow.

Numerous studies have shown that cryptocurrency adoption increases in countries with a low level of income and limited access to financial services.

BTC’s unique supply of 21,000,000 coins is what many people consider the reason they should invest in it. The halving event, which is when production speeds drop every four years, also means that the average production speed drops about four times per year. Basic economic theory says that if a particular asset is less scarce, but the demand for it continues to rise over time, then its USD price should also increase.

Who supports That Thesis?

Michael Saylor, Executive Chairman of MicroStrategy, has repeatedly called BTC the best financial instrument during times of rising inflation. He advised residents of Turkey, a country with a depreciating fiat and closed economy, to convert their Liras to the digital asset last year if they wanted to “thrive.”

Paul Tudor Jones, a billionaire hedge fund manager, is also a prominent BTC bull. He believes that it is better than gold to hedge against inflation.

Barry Sternlicht, co-founder of Starwood Capital Group, admitted to buying Bitcoin and Ether in order to safeguard himself from adverse financial conditions. He spoke of Bitcoin and explained that he has it because it is distributed, and governments cannot touch it.

The post Binance’s User Number is Growing due to Inflation, According to the Company’s Latin America Head appeared originally on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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