Akon, the Grammy award-winning music Artist, and a Rapper have refused Bitcoin (BTC) naysayers who claim that the asset lacks intrinsic value.
In a radio interview published on September 10, Akon harshly criticized the perception that fiat currencies are any less vulnerable to this same critique.
He argued :
“Nothing backs the dollar. The U.S. doesn’t have natural resources that back the dollar. What they do have is the military.”
Cryptocurrency value given by masses
Akon, who has twelve Billboard Top Ten Hits to his name, including the popular single “Smack That”, insisted during the interview in favor of decentralization and trustless blockchain-based mechanisms that underpin the value of cryptocurrencies.
Nationwide fiat currencies have long ceased to be supported by physical commodities or natural resources, he noted, going on to argue that the United States dollar is ultimately sustained only by convention and military might.
He is bullish on cryptocurrency, he declared, because it’s the masses, not the vested interests of national governments that flaunt control over their value.
Akon’s feedback comes as his cryptocurrency challenge for a pan-African virtual foreign money to switch fiat currencies, dubbed Akon, gathers pace.
It has been previously reported that Akon had first declared the initiative in the context of a Senegalese smart city project back in June 2018, arguing at the time that crypto can empower African citizens and bring security to the continent’s currency system.
A peace prize for Satoshi
It has also been reported that Akon’s recent endorsement of cryptocurrency chimes with the perspective of American investor Morgan Creek Digital Assets Co-founder Anthony Pompliano, who recently argued that Satoshi Nakamoto should be awarded the Nobel Peace Prize for inventing Bitcoin.
Pompliano said :
“With Bitcoin, we finally have a currency that can assume global reserve status without anyone having to engage in violence.”