For the past few weeks, the crypto market has been in a tailspin. While other investors have left BTC, its keen supporters continue to eulogize its merits.
Despite the prolonged bearish trend in the cryptocurrency market, some of its strongest supporters have not been discouraged. It includes the president of the Central African Republic (CAR), who is bullish on Bitcoin (BTC) and crypto.
On 14th June, in a tweet, President Faustin-Archange Touadéra confirmed his country’s decision to make Bitcoin a legal currency. He specified that “Understanding Bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity,” adding that:
“Mathematics doesn’t account for human emotions. Future generations will look behind at these very moments to [celebrate] our strength & unity in choosing the right path during hard times.”
Currently, the cryptocurrency market is facing one of its longest and deepest bear markets in history. BTC, the world’s largest digital currency by market capitalization, fell nearly 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 capitalization loss of $370 billion in a single week.
In late April 2022, the CAR government officially recognized Bitcoin as the legal tender after passing a bill regulating digital assets in the country. The move makes El Salvador the second Central African country to recognize BTC as a legal tender since it did so in September 2021.
According to the World Bank, CAR is one of the poorest countries in the world, with a GDP of about 4 2.4 billion. The country has been plagued by years of political instability and violence, making it difficult for residents to access banking services and forcing many to switch to cryptocurrency as an alternative way to save money and pay.
The CAR government’s decision to legalize Bitcoin was met with mixed reactions. The World Bank, for example, has expressed concern about the move, saying it would not support the country’s new “Sango” crypto hub.
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