Central African Republic President on BTC Volatility: ‘Mathematics Don’t Account for Human Emotions’22.06.2022
In an apparent message to critics of the Central African Republic’s bitcoin decision, the country’s president, Faustin-Archange Touadéra, recently argued that understanding the crypto’s disruptive power is crucial and that “mathematics don’t account for human emotions.” According to Touadéra, the country’s future generations are likely to applaud his government for “choosing the right path during hard times.”
Bitcoin Adoption Beneficial for Future Generations
In remarks that appear to be directed at critics of the Central African Republic (CAR)’s decision to adopt bitcoin as its currency of reference, President Faustin-Archange Touadéra, recently reiterated his country’s unwavering belief in the top cryptocurrency. He suggested to his followers that the CAR’s adoption of bitcoin is set to benefit the country’s future 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.
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.
Pressure on the CAR and El Salvador
While critics have pointed to the country’s lagging telecommunications infrastructure as one reason why the decision to declare bitcoin legal tender is ill-advised, the CAR president’s stance suggests his government is unlikely to be swayed. Touadéra’s stance is also similar to that of Nayib Bukele, the president of El Salvador, whose government is similarly being criticized for making bitcoin legal tender.
Meanwhile, in response to the CAR president’s tweet, a user named Richard Penner told Touadéra that BTC’s value, just like the value of a fiat currency, is determined entirely by human emotions which are “fickle.”
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