The price of bitcoin is so low that investors are paying attention! The more the days go by, the more panic the markets get. Although the price of BTC is currently up more than 6%, it is still low compared to previous charts. So the fall continues inexorably. However, Faustin Archange Touadéra remains confident and says bitcoin is the best option during tough times.
CAR and… bitcoin
The CAR decision was accepted as a sacrament of fiat currencies. While crypto assets are proudly spread across industries, financial institutions prefer to keep them at bay. A few months earlier, the Central African Republic had taken the risk and gone into pen. However, this decision is far from suitable for everyone.
Earlier this year, the CAR passed a bill in favor of crypto assets. Shortly afterwards, at the end of April 2022, the country adopted bitcoin as its official currency. So he went to El Salvador in search of new financial means to achieve financial independence. However, the criticisms were soon raining. It involved financial experts, lawyers and politicians, all involved.
For representatives of the Central African Economic and Monetary Community (CEMAC), the CAR is overriding its rights and not complying with the agreements signed. Accepting bitcoin alongside a CFA franc is a big mistake that needs to be repaired as soon as possible. Remember the country is one of the poorest in the world. Because it uses the official currency of the zone, its population suffers from many evils among them, the lack of capital.
For financial experts, the decision of the president of the Central African Republic is a reckless risk. Cryptocurrency does not enjoy universal regulation and its volatility poses a great danger. Despite warning all these market actors, the RCA waited for its decision and completed its project. However, current market prices are encouraging.
Falling markets, what is the future for the Central African Republic?
The price of bitcoin is less and less stable these days. The first crypto seems to expand according to falling market capitalization. In fact, BTC has fallen more than 11% in the last 24 hours. Although its light is currently green, its price is still extremely low. The encryption that was still about $ 70,000 at the end of 2021 is now about $ 21,000.
Despite this historic fall, the sympathizers of the crypto flagship are convinced that it’s just a bad patch that brings good weather. For people like Michael Saylor and Anthony Scaramucci the fall of bitcoin is not permanent. Its price could even climb up to 100,000 dollars. And they are not the only ones as Touadéra, the president of the Central African Republic, seems to agree.
The RCA is an unconditional supporter of bitcoin. Despite the slowdown in the market, the president is firm on his decision and ready to endure the crisis. For him, BTC has long-term power. So moping over a fall is unreasonable. In a tweet posted on June 14, he claims that the queen of cryptos is the way of the future. Because of this, staying firm and confident during difficult times will lead to a better conclusion. The $ 370 billion loss due to the collapse of the markets should not be a means of pressure.
The financial market crisis is affecting investors. While there is some panic, others remain calm and confident. For many investors, the fall of bitcoin is temporary. It only takes the momentum to bounce back better. The president of the RCA seems to have the same opinion since he does not budge! For him, BTC is the best development option.
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The world is changing and adaptation is the best weapon to survive in this turbulent universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and share an interesting field for me, there is nothing better than writing informative and reassuring articles at the same time.