CAR president still bullish on Bitcoin

16 Jun 2022

The president of the Central African Republic (CAR) has reiterated his country’s move to make Bitcoin legal tender, despite the recent crypto bearish trend.

President Faustin-Archange Touadéra said on Twitter: "Understanding Bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity. 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.”

As it stands, the crypto market is dealing with one of its deepest bear markets ever, Cointelegraph reports. The world’s largest cryptocurrency by market cap, Bitcoin, has declined nearly 70% since its record high hit last November of $68,789, as per data from Cointelegraph Markets Pro.

deVere boss Nigel Green said of the crypto crash earlier this week: “Despite the crypto crash, like many long-term crypto investors I’m still accumulating Bitcoin. I’m using the volatility as a buying opportunity; I’m topping up my investment portfolio at a lower price point.

“The reason why I’m still buying Bitcoin? Because I’m confident that digital, global, borderless, decentralised, tamper-proof, unconfiscatable money is, inevitably, the future.”

At the end of April this year, the Central African Republic officially recognised Bitcoin as legal tender, making the central African country the second to do so after El Salvador in September 2021.

At the time, Obed Namsio, the president’s chief of staff said the move was aimed at making the country one of the “boldest and most visionary” in the world.

Due to the Central African Republic being one of the world’s poorest countries, many citizens have turned to crypto as an alternative way to make payments and store value.