Hip-hop Star Akon Says Bitcoin Is Better Than Centralized Fiat Currencies

September 11, 2019 / by Crypto.IQ

American rapper Akon has dismissed claims that cryptocurrencies such as Bitcoin (BTC) lack intrinsic value. The US rapper holds that digital assets enjoy stability compared to the dollar.

Crypto does not need the backing of physical assets

Akon was speaking in a radio interview, where he criticized sentiment that Bitcoin is volatile relative to fiat currency. He stated that nothing backs the dollar and the US does not have natural resources to back their currency. He noted that backing of national currencies does not depend on natural resources or physical commodities anymore.  The singer gave an example of the US dollar which has the backing of US military might and conventions.

The rapper said that because cryptocurrencies are decentralized they are more democratic than fiat currency. Users control them and their prices vary according to what the users perceive its value to be. Akon is bullish regarding digital assets because it’s people who control their value, not national governments.  He criticized assertions that cryptocurrency does not have backing by stating that the claim applies more to fiat currencies. 

The musician and entrepreneur also indicated that crypto was not necessarily for the elite. According to him, it is not a must to be educated for one to see the benefits of crypto. He said that what is deterring people from cryptocurrency are the intimidating technical details. It is rather confusing when one is talking about blockchain which people may wonder what that is.

Akon’s crypto dubbed “Akoin”

Akon’s comments come as his crypto project for a pan-African digital currency dubbed “Akoin” begins to gather momentum. The musician revealed the project first in June last year in the context of a Senegalese smart city project. At the time he argued that cryptocurrency can empower Africans and bring security to the currency system in the continent.

He said that the goal of the crypto was to unlock the potential of one of the largest emerging economies. The crypto will create a stable currency and ground-breaking revenue-generating avenues supporting youth entrepreneurship in the continent.

The fresh endorsement from the rapper on crypto resonates with the sentiments of Anthony Pompliano, the founder of Morgan Creek Digital Assets. Pompliano recently indicated that the founder of Bitcoin, Satoshi Nakamoto, should receive a Nobel Prize for inventing Bitcoin. He is also bullish about Bitcoin and sees it assuming global reserve status without violence.