In a recent video interview, the CEO of Binance Australia, Jeff Yew, discussed the impact of cryptocurrencies in Australia and the travel industry, together with Juan Otero, CEO of Travala.
In an AMA session (ask me anything), both Jeff and Juan discussed the impact of cryptocurrencies in Australia. Jeff expects to push forward his educational plans for the country, as well as bringing more support of AUD payments for new potential tokens, like Travala’s AVA.
Why Aussies are Using SMSF to buy Bitcoin
Jeff stated that the outstanding growth in corporate accounts, including SMFS, is followed by the growth of the crypto market and the loss of purchasing power through the years with fiat money.
“Your money is being devalued much more quickly than what your parents experienced. With the expansion of fiat money through the years, you’re looking at losing half of your purchasing value in 5 years. In the U.S. monetary expansion is not stopping, similar thing in Australia as well.
So your halfway point of your asset losing 50% of its purchasing went from 30 years to 5 years. If you have one hundred million in the treasury, you’re going to lose ten million each year. We’re looking at a much more shorter timeframe
On the other hand, Otero stated that is only a matter of time until crypto payments are accepted globally, adding that the travel industry could benefit greatly from the integration of blockchain technology.
There is an increase in interest and adoption of blockchain technology and cryptocurrency. My vision is that travelling will be decentralised and community-governed, and we’re giving developers the tools to build their travel platforms, so there will be a travel supply, and they can greatly benefit from that.
The Effects of the Pandemic
The COVID-19 pandemic heavily impacted the travel industry in Australia. Borders remain closed, biosecurity measures and restrictions are said to be lifted in June this year, but it’s not guaranteed.
But as cryptocurrencies started surging in 2020, Travala avoided the negative effects of the pandemic thanks to its support for crypto-payments. Hence, becoming a leader in the travel industry thanks to its blockchain-based infrastructure, attracting crypto-enthusiast.
A Demand Tsunami
Both Jeff and Juan are seeing large inflows of users on their companies, and a greater demand for their products. Binance Australia hit trading volume records, and Travala managed to grow its community thanks to its blockchain-based infrastructure, avoiding certain perks of the pandemic.