Central African Republic President Faustin-Archange Touadéra recently sent a stark message to critics of the Central African Republic’s Bitcoin decision, arguing that understanding the disruptive power of cryptocurrencies is crucial and that “math cannot explain human emotions.” According to Touadella, the country’s descendants may applaud his government for “choosing the right path in difficult times”.
Bitcoin adoption benefits future generations
In remarks that appear to be aimed at critics of the Central African Republic (CAR)’s decision to adopt Bitcoin as its reference currency, President Faustin-Archange Touadéra recently reiterated the country’s firm belief in the top cryptocurrency. He suggested to his followers that the adoption of Bitcoin in the Central African Republic would benefit future generations of the country.
Touadéra’s latest remarks come as crypto markets continue their downward momentum, initially sparked by the Terra Luna debacle but later intensified by speculation surrounding the Federal Reserve’s interest rate policy.
Bitcoin and other top cryptocurrencies have lost more than a third of their value during this period. Using the recent collapse of the cryptocurrency market to prove their point, critics have ridiculed El Salvador and the Central African Republic for their supposedly ill-advised decision to designate bitcoin as legal tender.
Understanding Bitcoin is critical to acknowledging its disruptive power to bring long-term prosperity. Mathematics does not take human emotions into account. Future generations will look back at these moments to reflect on our strength and unity in choosing the right path in difficult times.
Pressure on Central African Republic and El Salvador
While critics point to the country’s lagging telecommunications infrastructure as one of the reasons why the decision to declare Bitcoin fiat currency was unwise, the Central African Republic’s president’s stance suggests his government is unlikely to be affected. Touadéra’s stance is also similar to that of El Salvadoran President Nayib Bukele, whose government has also been criticized for making bitcoin legal tender.
Meanwhile, in response to the CAR President’s tweet, a user named Richard Penner told Touadéra bitcoinThe value of fiat currency, like the value of fiat currency, is entirely determined by “fickle” human emotions.
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