While many companies are crying about inflation that is approaching fast, Binance is rejoicing by taking advantage of it to establish itself in Latin America and more particularly in Argentina, Brazil and Mexico.
Binance sets up in Latin America, thanks to inflation
With inflation in full swing in Latin America, more and more countries are turning to cryptocurrencies to protect themselves. And according to Maximiliano Hinz, the CEO of Binance’s Latin American branch, it’s CZ’s exchange!
According to Hinz, the majority of new registrants on the platform come from Argentina, Brazil and Mexico.
An adoption that began in Argentina, victim of an inflation of more than 90%, before being followed by Brazil and Mexico.
Again Hinz is not surprised:
“Now that we are seeing an acceleration of inflation around the world, we are seeing more and more people looking to cryptocurrencies, such as bitcoin, as a way to protect themselves from inflation.”Maximiliano Hinz, CEO of Binance’s Latin America business
A logical adoption Bitcoin having been designed precisely as a report to inflation, hence its total supply of 21 million and halvings every 4 years to reduce its own inflation.
In light of these entries, it is also easy to understand why the Binance Visa card, previously only available for Europe has been launched with great fanfare in Latin America with the giant Mastercard.
Of course Binance is not the only giant to target Latin America, and Coinbase is following closely behind, despite its reversal of fortune on the purchase of the company “2TM”.
So for the first time in its history, Bitcoin will fulfill one of its original roles: serving as a new safe haven for digital gold. Will the operation be a success, protecting many countries and citizens around the world from runaway inflation? Or will it be a failure, as Bitcoin becomes an asset increasingly “controlled” by the very people they wish to fight? There is one good chance: adoption will advance in both cases.
CEO and Editor-in-Chief of Coinpri I have been navigating the waters of Blockchain for 5 years already.
Wait, I can see the Promised Land of Adoption in the distance.