#crypro #bitcoin #investors #inflation
“A Top executive of the world’s largest crypto exchange platform by trading volume is saying that retail investors are now buying up crypto assets as inflation continues to ravage the global economy”–Paul Ebeling
According to a new report 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 Mr. 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.
He says, this phenom 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 launch 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.
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Editor’s Note: The market cycle is a naturally occurring phenomenon, attributable to human psychology, and has repeated itself time and time again, though with some variations, in the lives of nearly all market traded instruments. This cycle repeats itself to varying degrees but is fairly accurate in representing the shift between market sentiments of euphoria and pessimism, and an acknowledgment of this natural phenomenon is Key to profiting from any traded instrument, including Bitcoin. My work shows a return to the mean and then all-time highs in here. Tune out fear.
Have a prosperous week, Keep the Faith!