A 2nd Country Made Bitcoin Legal Tender & You'll Never Guess Who

In 2021, El Salvador became the first country to legalize Bitcoin as legal tender and added the digital asset to its balance sheet. Ever since, the world has been asking, "Which country will adopt Bitcoin next?". 

We finally have our answer. 

The Central African Republic has officially made Bitcoin legal tender! In case you're unsure where this country is located (embarrassed to admit the author of this article had to look at a globe) I've included a map below: 

The Central African Republic is among the poorest nations in the world. The country is plagued by civil war, poverty, and only 11% of the population is connected to the internet (Source).  

And it appears no one really saw this coming. 

Many people are confused when they learn countries such as El Salvador, the Central African Republic, Ukraine, and Nigeria are leading the world in Bitcoin adoption. 

How can impoverished countries lead the way with this new technology? 

Citizens of these countries are often using Bitcoin to escape the inflation of their country's currency. Workers will receive their paychecks and convert them into crypto in order to protect their savings. 

Otherwise, the citizens of these countries are forced to lose their wealth to runaway inflation. Nation-states such as Turkey, Lebanon, and Argentina are currently learning this the hard way. In fact, the Turkish Lira has lost over 60% of its value against the U.S. Dollar in the past six months (source). 

Imagine losing 50% of your purchasing power within a year's time... For those nearing retirement, this is a death sentence.

Here is what the government of the Central African Republic had to say about their move to make Bitcoin legal tender: 

“The adoption of bitcoin as official money represents a decisive step toward opening up new opportunities for our country,” - Obed Namsio, Chief of Staff to President Faustin-Archange Touadera (source).

Third-world countries will likely continue leading the world in Bitcoin adoption. These countries have the most to gain from a bold move, whereas countries in the G10 have the most to lose. 

The United States also enjoys the privilege of being the world's reserve currency and will not, intentionally, do anything to lose this status.