The Central African Republic (CAR) President will be pressing ahead with the plans to adopt Bitcoin.
Bitcoin will be adopted as legal tender, even despite the fact that BTC has been falling in value recently,
The “Sango” project builds the Bitcoin law through developing infrastructure to sustain a crypto economy.
Bitcoin (BTC) has been seen as one of the largest cryptocurrencies on a global scale and, as such, aims to be adopted by as many real-world use-cases as possible.
One of the latest adoption suggestions recently has been made by the Central African Republic.
Bitcoin’s adoption as legal tender as a catalyst for growth
Central African Republic (CAR) President Faustin-Archange Touadéra is pressing ahead when it comes to the adoption of Bitcoin as legal tender.
This has occurred even despite the fact that Bitcoin (BTC) has been falling in value throughout the past month and the concerns raised by the International Monetary Fund (IMF), which has threatened to cut off FIAT lifelines in response to this move.
President Faustin-Archange Touadéra doubled down with the announcement of the “Sango” project.
This is a project that will build on the Bitcoin law through the development of an infrastructure that will sustain the crypto economy, which includes a government-backed wallet as well as a legal framework that incorporates digital identity and ownership protocols.
However, some critics have said that Bitcoin as legal tender in the Central African Republic will benefit the elite.
Should you buy Bitcoin (BTC)?
On June 1, 2022, Bitcoin (BTC) had a value of $31,659.86.
In order for us to see what kind of value point this is for BTC, we will be going over its all-time high point of value, as well as its performance throughout the previous month.
The all-time high of Bitcoin (BTC) was on November 10, 2021, when the token reached a value of $69,044.77.
When we take a look at the cryptocurrency’s performance in May, Bitcoin (BTC) had its highest point of value on May 4 at $39,820.49. Its lowest point of value was on May 12 at $26,759.85.
Here we can see that in May, BTC decreased by $13,060.64 in value or by 32%.
Since then, Bitcoin (BTC) has recovered in value to $31,659.86. With the hype surrounding the adoption of Bitcoin, we can expect the cryptocurrency to reach $35,000 by the end of June 2022.