Central African Republic adopts Bitcoin as legal tender, should you buy?

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Average Bitcoin (BTC) transaction value went up by 500%

Bitcoin BTC/USD is the largest cryptocurrency in terms of market capitalization and has gathered a high level of appeal in the eyes of investors.

As such, it is also one of the biggest cryptocurrencies in terms of mass adoption, as more regions in the world are starting to adapt it for real-world use-cases.

ATH Hashrate and Central African Republic adoption as catalysts for growth

On November 9 of 2021, we covered how Zimbabwe would follow El Salvador in using Bitcoin (BTC) as legal tender.

In recent news, The Central African Republic has adopted Bitcoin as legal tender.

This adoption was commented on by the CEO of Binance, Changpeng Zhao, as well as Michaël van de Poppe, CEO of the consultancy and educational platform Eight BV.

What this means is that Bitcoin (BTC) will be accepted as a means of payment, which makes the Central African Republic the first in the continent to make this move.

The processing power which confirms transactions and secures the Bitcoin (BTC) network reached an all-time high.

In fact, Bitcoin’s hashrate reached 258.6227 exahash per second (EH/s) on Saturday, April 23, 2022, according to data from CoinWarz. The computational power is coasting along at 214.94 EH/s as of April 25. We can expect a network difficulty increase on April 27.

Should you buy Bitcoin (BTC)?

On April 25, 2022, Bitcoin (BTC) had a value of $38,575.60.

In order for us to get a better perspective as to exactly what this value point indicates for the BTC cryptocurrency, we will be going over its all-time high, as well as its performance throughout the previous month.

When we look at the all-time high of Bitcoin (BTC), it was on November 10, 2021, when BTC reached a value of $69,044.77.

Here, we can see that BTC was higher in value by $30,469.17 or by 79%.

However, when we go over the performance of Bitcoin (BTC) throughout the previous month, BTC had its lowest point of value on March 7, when it had a value of $37,351.3.

Its highest point of value, however, was on March 28, when BTC reached a value of $47,938.14.

Here, we can see that BTC increased in value by $10,586.84 or by 28%.

With this in mind, we can expect BTC to reach a value of $42,000 by the end of April, making it a solid coin to buy.

The post Central African Republic adopts Bitcoin as legal tender, should you buy? appeared first on Invezz.

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