Bitcoin Adoption is the rebrand that Central African Republic needs
Central African Republic is the second country to adopt Bitcoin and this is yet another piece of good news for crypto adoption. I'm particularly pleased by this situation because this is a country that is relatively closer to Nigeria than El Salvador.
The news hit the airwaves yesterday and has suddenly thrust the country of roughly 5 million people into the spotlight. For what it's worth, CAR adopting Bitcoin doesn't mean much in the general scheme of things though.
I mean, not to take anything away from the country but they have a total population of roughly 5 million people. On top of that, their GDP is about $2.4 Billion.
Central African Republic has the second lowest Human development Index and about 79% of the population lives in abject poverty. To put it into perspective, as at 2021, 40% of Nigerians live in poverty and I consider this place a hell hole.
Note that percentages don't tell the full story though. 40% of nigeria translates to over 80 million people, while 79% of a small population like CAR translates to about 4 million. This is probably why the news didn't exactly have any impact on the price of Bitcoin.
Central African Republic is a country that has been embroiled in a number of political issues recently. There have been a number of unsettling events concerning Central African Republic in recent times, and adopting Bitcoin will not fix them immediately but there's hope.
In any case, it will be fascinating to see how the adoption of Bitcoin will actually impact their economy. Perhaps, the country could join a short list of countries where people go to experience crypto tourism.
It's Global
I don't like politicians and cryptocurrency getting involved with politics will never sit well with me. In the case of CAR, I don't think politics is as much a factor than the potential of receiving a new source of income.
I'm pleased that the citizens of the country can now access crypto and live off it. This will open up opportunities on a global scale for citizens.
I can imagine there's a citizen, like me, living in the country and living 100% on crypto right now. That citizen will soon be a beneficiary of a crypto company like finance offering them debit card services that will make their lives infinitely easy.
Citizens in CAR, unlike Nigeria, do not ave to worry about being harrased by the police and law enforcements. Banks in CAR do not receive random sanctions from the Central Bank because they failed to report suspicious crypto activities.
For Central African Republic as a nation, this is an opportunity to delve into a new source of internally generated income. The country could accept tax in Bitcoin, hodl for 50 years and with proper management, we could see CAR become a world power.
There is no doubt that Bitcoin will be a major player in the future. In 50 years, we could be seeing the crypto industry become the most valuable industry with values reaching tens of Trillions of dollars.
In the coming years, we'll be seeing even more countries adopting Bitcoin and long term, we'll be able to gauge the impact that the decision has on the countries that adopt Bitcoin. On the surface though, it seems like a brilliant idea that could lead to major financial benefits for the adopters. Time will tell.
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Thanks for the info mate. I am pretty sure a lot of people here didn't know such a country existed before. Now everyone will know. 😂 Thanks to bitcoin. More power to them for taking the move in the right direction.
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LoL. It's not a popular country. They don't get on the news very often.
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Now they will. :')
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There is no doubt bitcoin will be life saving in coming years especially in places like Nigeria where poverty is extreme and people are not living well. Crypto will change all that and help us to grow and save us from this stupid politician
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Yup, hopefully Nigerian politicians will wise up.
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Little countries with poor infrastructure and poorer people are going to be what drives crypto adoption. These countries will opt for adopting BTC before they adopt CBDC's because their people won't use the CBDCs because the trust is just not there, let alone the ability of the bankrupt central banks in those countries to push out a cbdc.
A lot of these countries that are potential BTC adopters are current or former victims of the Chinese Belt and Road intiatives, as well. The CCP impoverished and basically enslaved many African countries and South American countries to infinite debt through the BRI. BTC adoption could give those countries a way out of the crushing weight of debt-bondage slavery.
Source: Council on Foreign Relations
Fascinating concept. Do you think China is for or against these countries' adoption of Bitcoin?
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I think China is firmly against these BRI countries' adoption of BTC because China no longer controls the hash rate of BTC; North America does now.
Take a look at this document from the Observer Research Foundation ngo: "China’s belt and road initiative: Implications in Africa" - L. VENKATESWARAN.
There is most definitely a debt trap occurring in Africa in regards to the majority of these poor countries owing the majority of their debt now to China.
It is my opinion that these countries, like Kenya, which owe 78% of their external debt now to China, will significantly push for widespread civil crypto adoption. They're being left with next to no other alternative.
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And I always liked the coins of the Central African Republic, magnificent engraving, recognizable animals).
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Oh I've never actually seen them before but I googled it real quick and they're pretty cool.
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When I was fond of numismatics, I paid great attention to the coins of the Central African Republic. As a child, I liked the pictures).
Independent finance people in countries that are ruled by governments that are clearly not there for the people should make a difference for the people and everything starts with that independency if you ask me.
Yup and crypto is the easiest route to achieving it.
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Cant argue with good logic ;)
The awakening is coming. Austin, Texas has started mining Bitcoin to supplement the city's budget. Fidelity now has IRA accounts that can contain up to 20% Bitcoin. It has taken a long time but I think the crypto revolution is about to make its way to the United States.
US citizens are mostly aware of crypto and that's awesome. Problem is that they're not yet looking out for the real wood solutions that crypto offers and are focused on the pump and dump.
When we get beyond this I fancy phase and the investors mature, I believe things will be different.
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Another one joins the club.
Yup and there's more to come
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Nobody cares about the Central African Republic today and they might not care about the next small country to adopt Bitcoin either.
But slowly and surely each country opting out of the old system and adopting Bitcoin in its place will get bigger.
Until the fact that this is happening can no longer be ignored.
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Going to be so nice if the fortunes of Bitcoin adopters actually turns for good.
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Central African Republic - I will remember that name!
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This is actually an excellent article.