Bitcoin price forecast after the Central African Republic’s big bet

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Jun 20, 2022
  • The Central African Republic is betting big on Bitcoin by enabling the widespread adoption of crypto.
  • Bitcoin’s value increased by 6% in the last 24 hours.
  • The future for Bitcoin’s adoption is bright, but will this also be the case for its value.

Bitcoin BTC/USD is the largest cryptocurrency in terms of market capitalization, even despite the recent bearish run it has experienced.

Hovering around the $20,000 price point, Bitcoin might represent a solid entry point for investors, assuming the Central African Republic’s big bet pays off.

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The Central African Republic’s move as a catalyst for growth

On June 18, 2022, we covered how Bitcoin’s value crashed to $18,718 on Coinbase on Saturday.

However, while its value has seen a hit, its real-world adoption has never been higher. Specifically, the people of the Central African Republic (CAR) are aiming at becoming the first country in Africa that enables the widespread adoption of Bitcoin.

They are also the second country in the world, after El Salvador, to officially adopt Bitcoin as legal tender for use in commerce and for the payment of taxes.

On April 27, 2022, President Faustin-Archange Touadéra signed into law a bill, one that passed unanimously, that made Bitcoin and the CFA franc the legal currency.

On June 14, 2022, the president tweeted that Understanding Bitcoin is crucial when it comes to acknowledging its disruptive power to bring long-term prosperity. 

Should you buy Bitcoin (BTC)?

On June 20, 2022, Bitcoin (BTC) had a value of $20,590.44.

To get a better perspective as to what kind of value point this is for the cryptocurrency, we will be taking a look at Bitcoin’s all-time high value, alongside the performance it showcased in May.

Bitcoin (BTC) had its all-time high on November 10, 2021, at $69,044.77.

Bitcoin had its highest point of value on May 4 at $39,820.49, while the lowest was on May 12 at $26,759.85.

This indicates to us that the crypto decreased in value by $13,060.64 or by 32%.

Since then, Bitcoin has decreased to the $20,590.44 price point and is hovering around the $20,000 value.

In order for Bitcoin to reach new heights, it needs to break past the $21,000 price barrier, after which it can leap to a value of $24,000 by the end of July.

However, if Bitcoin dips under $20,000, then it might be worth reconsidering.

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.