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Tuesday, March 28, 2023

Central African Republic President on BTC Volatility – Mathematics Don’t Account for Human Emotions

Central African Republic President on BTC Volatility – President Faustin-Archange Touadéra recently reaffirmed his country’s unshakable belief in the top cryptocurrency in remarks that appear to be addressed at critics of the Central African Republic’s (CAR) decision to accept bitcoin as its currency of reference. He told his followers that CAR’s embrace of bitcoin will be advantageous for next generations.

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These most recent remarks made by Touadéra came as the cryptocurrency market kept up its downward trend, which was initially initiated by the Terra Luna crash but was later made worse by speculations about the U.S. Federal Reserve’s interest rate policies.

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More than a third of the value of bitcoin and other popular cryptocurrencies has been lost during this time. Critics have criticized El Salvador and the CAR for their allegedly imprudent choice to recognize bitcoin as legal tender, using the current collapse of the cryptocurrency market to make their point.

Touadéra clarified why he is unconcerned about BTC’s recent decline in a tweet that appears to criticize the country. He said:

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“Understanding bitcoin is necessary to recognize its disruptive potential for long-term success. Mathematics does not take into consideration human emotions. Our determination and solidarity in making the right choices during these challenging times will be acknowledged by future generations.”

While some have argued that the decision to make bitcoin legal tender was ill-advised due to the country’s underdeveloped telecoms infrastructure, the CAR president’s position indicates that his government is unlikely to be moved.

Touadéra’s position is also in line with that of El Salvador’s president, Nayib Bukele, whose administration is facing criticism for declaring bitcoin legal tender.

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According to a previous report, Bukele recently assured Salvadorans who were concerned about their Bitcoin investments that they were secure and advised them to “stop staring 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.

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