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Grammy-nominated singer Akon shows his support for Bitcoin

The American singer and producer Akon has resurfaced on the internet after speaking out in favor of Bitcoin.

Grammy-nominated singer Akon shows his support for Bitcoin

Wikimedia Commons

Bybit

The American singer and producer Akon has resurfaced on the internet after speaking out in favor of Bitcoin.

โ€œNothing backs the dollarโ€

Speaking with Angela Yee and DJ Envy in a radio interview on the Breakfast Club, Akon expressed his views on what makes Bitcoin a better currency than the U.S. dollar. The fact that cryptos rely on people’s trust rather than a financial system imposed by governments make them more powerful than any fiat currency in the world, according to the Grammy-nominated musician.

Akon explained that fiat currencies have no intrinsic value, but people are forced to use them by their governments.

โ€œWho says that the actual dollar is worth anything? Yes, the government, but nothing backs the dollar. The U.S. doesnโ€™t have natural resources that back the dollar. What they do have is the military,โ€ added Akon.

The renowned songwriter went on to emphasize that fiat currencies are extremely volatile because they are directly impacted by government policies. But, when it comes down to cryptocurrencies, they are more stable because they rely on the trust that people put into them.

โ€œIt boils down to trust. What you trust is the value it gives youโ€ฆ Bitcoin, for example, is not a dollar. Itโ€™s a digital coin. I can buy a Ferrari with Bitcoin. I can buy a house with Bitcoin. I can buy whatever I want to buy with Bitcoin because it is just as equally valued as the dollar because people say it is,โ€ stated Akon.

Akonโ€™s comments come as he steps forward towards launching his latest crypto-initiative, Akoin.

โ€œOne Africa. One Coinโ€

Under the motto โ€œOne Africa. One Coin,โ€ Akon is working on creating the Akoin Ecosystem, which aims to unlock the potential of the worldโ€™s largest emerging economy with the creation of a trusted cryptocurrency, dubbed Akoin. This cryptocurrency is meant to stimulate and generate opportunities and inclusion for youth entrepreneurs across Africaโ€™s 54 countries.

โ€œWeโ€™re trying to build a currency for the Africans and the whole (African) continent,โ€ said Akon.

At the moment, Akon is set to launch his pilot project in Senegal with the collaboration of the nationโ€™s president Macky Sall. The American musician is planning to build a crypto-city, a few minutes away from the capital Dakar, that uses Akoin as the cityโ€™s official payment settlement token.

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