The cryptocurrency market has been in freefall for the past few weeks. Others may have given up on Bitcoin, but those who still believe in it continue to sing its praises.
The president of the Central African Republic (CAR) is still optimistic about Bitcoin (BTC) and cryptocurrency, despite the Bitcoin market’s long-term downward trajectory as some of its most passionate followers remain undeterred.
President Faustin-Archange Touadéra underlined his country’s resolve to legalize Bitcoin in a tweet on June 14. “Understanding Bitcoin is critical to recognizing its disruptive capacity to deliver long-term prosperity,” he said, adding:
“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.”
The bitcoin market is currently experiencing one of its longest and deepest bear markets in history. According to statistics, BTC, the world’s largest digital currency by market capitalization, is down about 70% from its all-time high of $68,789 hit in November 2021. The President’s usage of the term “hard times” refers to the current crypto market decline, which has affected all digital assets and resulted in a total market capitalization loss of $370 billion in a single week.
After approving a measure regulating digital assets in the country, the CAR government officially recognized Bitcoin as legal currency in late April 2022. The vote made Central African Republic the second country to adopt Bitcoin as legal cash, following El Salvador in September 2021.
CAR, with a GDP of around $2.4 billion, is one of the world’s poorest countries, according to the World Bank. For years, the country has been plagued by political insecurity and bloodshed, making it impossible for inhabitants to obtain banking services and prompting many to resort to the coin as an alternative means of storing wealth and making payments.
The CAR government’s move to make Bitcoin legal currency elicited a range of reactions. The World Bank, for example, expressed alarm over the decision and stated that it will not assist the country’s new “Sango” crypto center.
