The CAR president encourages citizens to understand Bitcoin in order to bring long-term prosperity

by · July 7, 2022

Despite the long-term bearish trend of 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 optimistic about Bitcoin (BTC) and crypto.

In a tweet shared on Tuesday, President Faustin-Archange Touadéra confirmed the country’s decision to make Bitcoin a legal currency. He stated that “Understanding Bitcoin is crucial to recognizing its disruptive power to bring long-term prosperity,” adding that:

“Mathematics does not take into account human emotions. Future generations will look back in these very moments. [celebrate] our strength and unity in choosing the right path in difficult times. “

The cryptocurrency market is currently facing one of its longest and deepest bear markets in history. BTC, the world’s largest digital currency by market value, is down nearly 70% from its record 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 downturn in the crypto market, which has damaged all digital assets and resulted in a total loss of market value of $ 370 billion in a single week.

In late April 2022, the CAR government officially recognized Bitcoin as a legal tender after passing a bill regulating digital assets in the country. The move made the Central African Republic the second country to recognize BTC as a legal tender after El Salvador did so in September 2021.

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According to the World Bank, CAR is one of the poorest countries in the world, with a GDP of around $ 2.4 billion. The country has been characterized by political instability and violence for years, which has made it difficult for citizens to access banking services and has led many to turn to cryptocurrency as an alternative way of storing assets and making payments.

The CAR government’s decision to make Bitcoin a legal currency was met with a number of responses. The World Bank, for example, raised its concerns about the move, stating that it would not support the new “Sango” crypto hub launched in the country.