El Salvador may have ignited the first Bitcoin flame, but Central African Republic’s adoption of Bitcoin proves that the fire is spreading.
- Central African Republic Adopts Bitcoin As Legal Tender
- Why CAR’s Bitcoin Adoption Is A Big Deal
RECOMMENDED: EL SALVADOR — BITCOIN LAW APPROVED
Central African Republic Adopts Bitcoin As Legal Tender
Central African Republic 🇨🇫 has adopted #bitcoin as legal tender!
With no currency to call their own, they choose the currency of the Internet. pic.twitter.com/4UaJnTbgB9
— Documenting Bitcoin 📄 (@DocumentingBTC) April 27, 2022
Yesterday, Bitcoin achieved a monumental milestone in its history by becoming legal tender in a second country, the Central African Republic (CAR).
Though the country hosts a rich supply of gold, diamonds, and other precious assets, CAR’s population of six million people is poverty-stricken and suffers from a drastically under-developed economy, subject to conflict and violence through its ongoing civil war in the nation.
The president of CAR supported the approval of this bill in an effort to unify the country and improve the country’s conditions for its citizens. In the statement, he expresses that its adoption of Bitcoin as legal tender is “a decisive step toward opening up new opportunities for our country.”
Currently, CAR is one of six countries to share a regional currency, the Central African CFA franc (BEAC). Let’s take a look at how that currency has been performing relative to the US dollar over the years.
RECOMMENDED: ANOTHER COUNTRY IS CLOSE TO MAKING BITCOIN LEGAL TENDER
Why Central African Republic’s Bitcoin Adoption Is A Big Deal
No one wants to look like that one “crazy” person dancing alone unless you’re just that “crazy” yourself. However, once someone else joins in on the party, suddenly the two of them together stop looking so crazy after all.
This video perfectly demonstrates the trend being set in motion by El Salvador and CAR. Many financial institutions and political authorities have looked down upon El Salvador’s decision to adopt Bitcoin as legal tender, the same way this crowd looks at this dancing guy like he’s a lunatic.
Live footage of the IMF urging El Salvador to remove Bitcoin as legal tender pic.twitter.com/djWGnEYSvk
— Bitcoin is Saving (@BitcoinIsSaving) January 25, 2022
However, CAR realizes that, like the second guy to join in on the dance party, perhaps the two countries together can spark a greater trend and get more countries involved in the action.
El Salvador made a big statement by becoming the first county in history to adopt Bitcoin as legal tender, but the world could have remained despondent and looked at them from the outside like a fish in a water tank. However, Central African Republic’s Bitcoin adoption marks the next step forward needed to make El Salvador look a bit less crazy — perhaps they’re onto something here.
2010: “A bitcorn?”
2011: “No one uses it”
2012: “Only a few geeks use it”
2014: “Only a few criminals use it”
2015: “Only a few libertarians use it”
2017: “Only a few people use it”
2020: “Only a few companies use it”
2022: “Only a few countries use it”
— Documenting Bitcoin 📄 (@DocumentingBTC) April 28, 2022