CAR president urges citizens to understand Bitcoin to bring long-term prosperity
Despite the cryptocurrency market's prolonged bearish trend, some of its most ardent supporters have not been discouraged. This includes the president of the Central African Republic (CAR), who remains bullish on Bitcoin (BTC) and crypto.
Understanding #Bitcoin is crucial to acknowledge its disruptive power to bring long term prosperity. Mathematics don't account for human emotions.Future generations will look behind at these very moments to our strength & unity in choosing the right path during hard times #BTC
In a tweet shared on June 14, President Faustin-Archange Touadéra reaffirmed his country's decision to make Bitcoin legal currency. He stated that "Understanding Bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity," adding that:
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, is down by almost 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 harmed all digital assets and resulted in a total market capitalization loss of $370 billion over the course of a single week.
The kind of ₿OM₿S we want in Africa #Bitcoin pic.twitter.com/fQY9VUakKU
In late April 2022, the CAR government officially recognized Bitcoin as legal currency after passing a bill regulating digital assets in the country. The move made the central African nation the second country to recognize BTC as legal tender after El Salvador did so in Sept. 2021.
Related: 'Nothing issue' — MicroStrategy CEO plans to hodl Bitcoin 'through adversity'
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