Grammy award-winning track artist Akon has rebuffed Bitcoin (BTC) naysayers who declare that the asset lacks intrinsic price.
In a radio interview revealed on Sept. 10, Akon lambasted the belief that fiat currencies are any much less at risk of this similar critique, arguing that:
“Nothing backs the dollar. The U.S. doesn’t have natural resources that back the dollar. What they do have is the military.”
People give cryptocurrency price, no longer governments
Akon — who has twelve Billboard Top Ten Hits to his identify, together with the preferred unmarried “Smack That” — spoke out throughout the interview in prefer of decentralization and trustless blockchain-based mechanisms that underpin the price of cryptocurrencies.
National fiat currencies have lengthy ceased to be subsidized by way of bodily commodities or herbal assets, he famous, occurring to argue that the United States greenback is in the end sustained simplest by way of conference and armed forces would possibly.
He is bullish on cryptocurrency, he printed, as it’s the folks — no longer the vested pursuits of nationwide governments — that wield keep watch over over their price.
The rapper’s feedback come as his cryptocurrency undertaking for a pan-African virtual forex to interchange fiat currencies, dubbed Akoin, gathers tempo.
As Cointelegraph has up to now reported, Akon had first printed the initiative within the context of a Senegalese sensible town undertaking again in June 2018, arguing on the time that crypto can empower African electorate and convey safety to the continent’s forex gadget.
A peace prize for Satoshi
Akon’s contemporary endorsement of cryptocurrency chimes with the viewpoint of American investor Morgan Creek Digital Assets co-founder Anthony Pompliano, who just lately argued that Satoshi Nakamoto must be awarded the Nobel Peace Prize for inventing Bitcoin.
Pompliano mentioned that with Bitcoin, we after all have “a currency that can assume global reserve status without anyone having to engage in violence.”