In the latest celebrity to throw their weight behind cryptocurrency, multiple Grammy award-winning music superstar Akon has mocked Bitcoin (BTC) critics who claim that the asset has no intrinsic value.
In a radio interview that went to air on Sept. 10, Akon scoffed at the idea that fiat currencies are any less vulnerable to this same 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 value, not governments
Akon– who has an even dozen Billboard Top Ten Hits to his name, including the popular single “Smack That”– spoke out during the interview in favor of decentralization and trustless blockchain-based mechanisms that underpin the price of cryptocurrencies.
National fiat currencies have long come to an end to be backed by physical commodities or natural resources, he indicated, moving forward to suggest that the United States dollar is essentially sustained only by convention and military might.
He is bullish on cryptocurrency, he revealed, due to the fact that it's the people– not the vested interests of national governments– that hold control over their value.
The rapper's statements come as his cryptocurrency plan for a pan-African digital currency to replace fiat currencies, dubbed Akoin, picks up pace.
As Cointelegraph has recently reported, Akon had first revealed 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
Akon's fresh recommendation of cryptocurrency chimes with the perspective of American investor Morgan Creek Digital Assets co-founder Anthony Pompliano, who recently argued that Satoshi Nakamoto ought to be awarded the Nobel Peace Reward for inventing Bitcoin.
Pompliano stated that with Bitcoin, we lastly have “a currency that can presume international reserve status without anyone needing to engage in violence.”
Hot on the heels of Manny Pacquiao and Wesley Snipes, just to name a couple of more recent celebrities, it is great to see Akon also stepping up to the crypto plate and getting involved publicly.
Not only are these big figures bringing tremendous attention, appeal and influence to the crypto world, their backing and ideas may in fact lead to some amazing projects!
Ultimately however, in my eyes, the main benefit is the sheer number of eyes, hearts and minds that are brought towards the crypto universe that is really exciting!
Every celeb, every venture brings more and more people into the market and closer and ever closer to mass adoption where we can really see things start moving!