The president of the Central African Republic, Faustin Archange Touadera recently stated that it was crucial to understand the disruptive power of crypto and that mathematics don’t account enough for human emotions.
Faustin Archange Touadera recently reiterated his country’s belief in bitcoin, making comments that seem to be directed towards critics of the Central African Republic’s (CAR’s) decision to adopt it as its currency. His followers were told by him that CAR’s adoption bitcoin will benefit future generations.
Touadera’s latest comments came as the crypto market continued its downward momentum. This was initially triggered by the Terra Luna crash, but later worsened by speculation about the U.S. Federal Reserve’s interest rate policy.
Bitcoin and other top cryptocurrency have lost more that a third of its value during this time. Critics have used the recent crypto market crash to prove their point. They have criticized El Salvador and the CAR for their apparently ill-advised decision not to make bitcoin legal tender.
Touadera, however, explained in a Tweet how he doesn’t mind the recent fall of BTC. He stated:
It is essential to understand bitcoin in order to recognize its disruptive potential to bring long-term wealth. Mathematical calculations don’t take into account human emotions. These moments will be remembered by future generations as a testament to our strength and unity in choosing the right path through difficult times.
El Salvador and the CAR are under pressure
Critics have pointed out the country’s poor telecommunications infrastructure as the reason that bitcoin was declared legal tender. However, the CAR president’s stance indicates that his government is unlikely be changed. Touadera’s position is similar to Nayib Bukele, El Salvador’s president, who is being similarly criticized for making Bitcoin legal tender.
Bukele, reported on Bitcoin.com News, recently assured worried Salvadorans that their BTC investments are safe and that they should “stop looking and live in the present.”
Touadera was subsequently informed by Richard Penner, a user, that BTC’s price, like the value of fiat currencies, is determined solely by human emotions.
