Despite the prolonged bearish trend in the cryptocurrency market, some of its most ardent supporters have not been discouraged. This includes the President of the Central African Republic (CAR), who remains bullish on Bitcoin (BTC) and cryptocurrencies.
Understanding #bitcoin it is crucial to acknowledge its disruptive power to bring long-term prosperity. Mathematics don’t account for human emotions. Future generations will look behind at these very moments to our strength & unity in choosing the right path during hard times #BTC
— Faustin-Archange Touadera (@FA_Touadera) June 14, 2022
Understanding Bitcoin is crucial to recognizing its disruptive power to create long-term prosperity. Mathematics does not take into account human emotions. Future generations will look back at this very moment to our strength and unity to choose the right path in difficult times.
In a tweet shared on June 14, President Faustin-Archange Touadéra reaffirmed his country’s decision to make Bitcoin legal tender. He stated that “Understanding Bitcoin is crucial to recognizing its disruptive power to generate long-term prosperity,” adding that:
“Mathematics does not take into account human emotions. Future generations will look back at these very moments to [celebrar] our strength and unity to choose the right path in difficult times”.
The cryptocurrency market is currently facing one of the longest and deepest bear markets in history. BTC, the world’s largest digital currency by market cap, is down almost 70% from its all-time high of $68,789 reached in November 2021 according to data from Cointelegraph Markets Pro. The term ‘hard times’, as used by the president, refers to the recent crypto market downturn, which has damaged all digital assets and resulted in a total market cap loss of $370 billion over the course of a single week.
The kind of ₿OM₿S we want in Africa #bitcoin pic.twitter.com/fQY9VUakKU
— CRYPTOCURRENCY KENYA (@CryptoHubKE) May 5, 2022
At the end of April 2022, The government of the Central African Republic officially recognized Bitcoin as legal tender after passing a bill regulating digital assets in the country. This move made the Central African nation the second country to recognize BTC as legal tender, after El Salvador did so in September 2021.
According to the World Bank, the CAR is one of the poorest countries in the world, with a GDP of about USD 2.4 billion. The country has been beset by political instability and violence for years, making it difficult for residents to access banking services and prompting many to turn to cryptocurrencies as an alternative way to store value and make payments.
The Central African Republic government’s decision to make Bitcoin legal tender was met with mixed responses. The World Bank, for example, expressed concern about the move and stated that it will not support the new crypto hub “Sango” launched in the country.
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