Despite the market’s continued bearish trend, many of its most passionate supporters are not discouraged. The president of the Central African Republic, who is bullish on Bitcoin (BTC), and crypto, is one example.
It is essential to understand #Bitcoin to recognize its disruptive power to bring about long-term prosperity. Mathematical calculations don’t take into account human emotions. Future generations will be able to see the strength and unity we have shown in choosing the right path through difficult times #BTC
— Faustin-Archange Touadera (@FA_Touadera) June 14, 2022
In a June 14 tweet, President Faustin Archange Touadera reiterated his country’s decision making Bitcoin legal currency. “Understanding Bitcoin is essential to recognize its disruptive power to bring about long-term prosperity,” he stated.
“Mathematics does not account for human emotions.” Future generations will be able to look back at these moments and [celebrate] the strength and unity we have shown in choosing the right path through difficult times.
The cryptocurrency market is currently facing one of the longest and most severe bear markets in its history. According to Cointelegraph Markets Pro data, BTC, which is the largest digital currency in terms of market capitalization, has fallen by nearly 70% from its record high of $68,789, reached in November 2021. The President uses the term “hard times” to refer to the recent market decline that has affected all digital assets. It has resulted in a $370 billion market capitalization loss over the course of one week.
The kind of BTCOMBTCS we want in Africa #Bitcoin pic.twitter.com/fQY9VUakKU
— CRYPTOCURRENCY KENYA, @CryptoHubKE May 5, 2022
After passing a bill to regulate digital assets in the CAR, the government recognized Bitcoin as legal currency in late April 2022. This made Central Africa’s nation second to recognize Bitcoin as legal currency after El Salvador in September 2021.
Related: “Nothing issue” — MicroStrategy CEO plans on hodling Bitcoin ‘through adversity”.
The World Bank estimates that CAR has a GDP of $2.4 billion and is one of the most impoverished countries in the world. For years, the country has been plagued by violence and political instability. This makes it difficult for residents of CAR to access banking services. Many have turned to cryptocurrency to store and pay for their currency.
There were many responses to the decision of the CAR government to legalize Bitcoin. For example, the World Bank raised concerns and said that it would not support the “Sango” crypto hub in the country.