Singer Akon has rubbished the common perception that cryptocurrencies such as Bitcoin are too volatile. Per the U.S. musician, crypto enjoys more stability relative to fiat currencies.
Speaking in a radio interview on the Breakfast Club, Akon defended the volatility that Bitcoin skeptics regularly cite for their negative attitude towards crypto saying that “Believe it or not the cryptocurrency is more stable than actual fiat currencies”.
According to Akon, this is because cryptocurrencies are decentralized and thus more democratic as they “controlled” by their users with the price varying depending on what those users perceive its value to be.
The musician also rubbished the argument that crypto is backed by nothing saying that the accusation applies more to fiat currencies. Citing the case of the U.S. currency, Akon noted that “nothing backs the dollar” except the might of the U.S. military:
What they do have is the military. That’s who backs the dollar.
During the same interview, the U.S. musician and entrepreneur also argued that cryptocurrencies were not necessarily for the elite.
Per Akon, it is not mandatory to be educated to be able to see the benefits of cryptocurrency. In this regard, Akon noted that what may be turning off a lot of people from cryptocurrencies might be the intimidating technical details:
It gets really confusing when you start talking about blockchain and all that ‘cause no one knows what the hell that is.
The full interview can be found below:
During the same interview Akon, who is currently based in Senegal, reiterated that he is still trying to build a cryptocurrency for Africa known as AKoin.
Akon’s plans to launch an Africa-focused crypto were initially announced last year in June. At the time, Akon revealed that the AKoin cryptocurrency would serve as the primary currency for the AKoin ecosystem.
The goal of this crypto ecosystem would be to ‘unlock the potential of the world’s largest emerging economy through the creation of a stable currency and innovative, revenue-generating opportunities that stimulate and support youth entrepreneurship, economic stability, and growth across Africa and the world’.
Other cryptocurrrency-related projects that Akon has been working on include developing a 2,000-acre city in Senegal that will use AKoin as its primary currency.