Despite the long-term bearish trend in the cryptocurrency market, some of its most ardent supporters are undeterred. This includes the president of the Central African Republic (CAR), who remains bullish on Bitcoin (BTC) and cryptocurrencies.
In a tweet shared on June 14, Central African Republic President Faustin-Archange Touadéra reiterated the country’s decision to make Bitcoin legal tender. “Understanding Bitcoin is critical to acknowledging its disruptive power to bring about long-term prosperity,” he said, adding:
"Mathematics cannot explain human emotion. Generations to come will look back on this moment to celebrate our strength and solidarity in choosing the right path in trying times."
Currently, the cryptocurrency market is facing one of the longest and deepest bear markets in history. Bitcoin ( BTC ), the world's largest digital currency by market value, is down nearly 70% from its November 2021 all-time high of $68,789, according to Cointelegraph Markets Pro. The term "hard times" the president used refers to the recent crypto market downturn. At present, the total market value of all digital assets has lost about 370 billion US dollars in a week.
In late April 2022, the government of the Central African Republic passed a bill regulating digital assets in the country, officially recognizing Bitcoin as legal tender. The move makes the Central African country the second country to recognize bitcoin as legal tender after El Salvador in September 2021.
According to the World Bank, the Central African Republic is one of the poorest countries in the world, with a GDP of about $2.4 billion. The country has been plagued by political instability and violence for years, and residents have struggled to access banking services, leading many to turn to cryptocurrencies as an alternative way to store value and make payments.
The Central African Republic government’s decision to make Bitcoin a legal tender has been met with mixed responses. For example, the World Bank expressed concern about the move and said it would not support the launch of a new cryptocurrency center “Sango” in the country.