The president of the Central African Republic, Faustin-Archange Touadéra, recently argued that it is crucial to comprehend the disruptive power of cryptocurrencies and that “mathematics doesn’t account for human emotions” in an apparent message to opponents of the country’s decision to use bitcoin. Touadéra asserts that his government will be praised by the nation’s future generations for “choosing the right path during hard times.”
President Faustin-Archange Touadéra recently reaffirmed his nation’s unwavering faith in the leading cryptocurrency in remarks that appear to be directed at detractors of the Central African Republic’s (CAR) decision to adopt bitcoin as its currency of reference. He told his supporters that the CAR’s adoption of bitcoin would be advantageous for coming generations.
These latest remarks by Touadéra came as the crypto market continued with its downward momentum, initially sparked by the Terra Luna crash but later exacerbated by the speculation surrounding the U.S. Federal Reserve’s interest rate policy.
During this period, bitcoin and other top cryptocurrencies have lost more than a third of their value. Using the crypto market’s recent crash to drive home their point, critics have pilloried El Salvador and the CAR over their supposedly ill-advised decision to designate bitcoin as legal tender. However, in a tweet that appears to rebuke the country’s critics, Touadéra explained why he is unfazed by BTC’s recent fall. He said:
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.
While some have argued that the decision to make bitcoin legal tender was ill-advised due to the nation’s underdeveloped telecommunications infrastructure, the CAR president’s position indicates that his government is unlikely to be persuaded. Touadéra’s position is also in line with that of El Salvador’s president, Nayib Bukele, whose administration is facing criticism for making bitcoin legal tender.
According to Bitcoin.com News, Bukele recently assured Salvadorans who were concerned about the Bitcoin investments that they were secure and advised them to “stop looking at the graph and enjoy life.”
The value of Bitcoin, like the value of a fiat currency, is solely determined by human emotions, which are “fickle,” a user by the name of Richard Penner claimed in response to the CAR president’s tweet.