The president of the Central African Republic (CAR) shared his point of view on the current critical downfall situation of Bitcoin price downfall and the decision to adopt Bitcoin as a currency.
The Central African Republic (CAR) is a second country after El Salvador, which adopted Bitcoin as its currency. In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender, and CAR became the second country in this race in April of this year. However, the decision to adopt Bitcoin in the form of currency by CAR was sudden but still faced less criticism in comparison to El Salvador’s govt on Bitcoin adoption.
In the last few days, the whole crypto market faced a significant correction in the prices. In particular, Bitcoin faced ppdownfall in price by around 28.39% in the last 7 days, which is enough to tell the current bearish situation of Bitcoin & the whole crypto market.
If we carefully analyze the downfall in the price of Bitcoin then we will come to know that the downfall started last week of December 2021 and after that downfall is continuously going on.
CAR President Faustin-Archange Touadéra took to Twitter to share his opinion on this crucial situation of Bitcoin & CAR’s Bitcoin adoption.
CAR president indirectly said that decision to adopt Bitcoin as Currency was taken under an unfavorable situation but tough times create good findings.
“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 🥳 our strength & unity in choosing the right path during hard times #BTC.”
“Hard times” word is a clear hint that the CAR president closely watching this market, which lost around $370 billion in the last 7 days of time frame.
El Salvador facing criticism
When the price of Bitcoin touched $20.8k then many people started to criticize the El Salvador government’s Bitcoin investment plan.
In response, the El Salvador minister said that country is not at loss because the country is strongly holding its Bitcoin.
Read also: Brazil seeks to accept Bitcoin officially as a payment tool