Understanding Bitcoin (CRYPTO: BTC) is crucial to acknowledge its disruptive power to bring long-term prosperity, according to Faustin-Archange Touadera, President of the Central African Republic (CAR).
The CAR is the first country in Africa to make BTC legal tender and the second in the world after El Salvador.
The country had recently announced the building of Sango, a crypto island to attract businesses and global crypto enthusiasts.
Sango will be declared a “Crypto Economic Zone” that will allow people to propose, view, and contribute to the future developments of the crypto island, the first island in the Metaverse backed by reality.
“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 and unity in choosing the right path during hard times,” Touadera tweeted.
Major cryptocurrencies have lost significant value over the past month.
The markets, however, pared some of their losses after the US Federal Reserve announced a 75 basis points rate hike yesterday, the most aggressive, in about 3 decades.
Following the announcement, BTC shot up around 5% and is currently trading at $21,200 levels, while Ethereum (ETH) is trading up around 10% at $1125 levels, bringing the total market capitalization to around $921.5 billion, up by around 7%.
Apart from BTC and ETH, other major cryptocurrencies like Polkadot and Solana are up by around 5% and 10% respectively.
This article was submitted by an external contributor and may not represent the views and opinions of Benzinga.