Akon Praises Bitcoin’s Underlying Value Over the Dollar 

akon akoin

Endorsements of cryptocurrencies are always welcome, regardless of whether they come from a respected name in the tech or finance industry, or perhaps someone who is famous for something else. This particularly endorsement fits more into the latter category. 

Earlier today, Akon, a Grammy award-winning recording artist, sounded a ringing endorsement of Bitcoin, pushing the value of the asset over that of the Dollar itself. While appearing on a radio interview, Akon addressed the year’s old notion that Bitcoin doesn’t have any intrinsic value, claiming that the same criticism could be applied to fiat currencies as well. 

“Nothing backs the Dollar. The U.S. doesn’t have natural resources that back the Dollar. What they do have is the military,” he said.

The artist threw his weight further behind Bitcoin, adding that at the very least, the popular crypto asset has the backing of decentralization and blockchain technology; both of which are concepts that have already proven to be efficient in solving some of the problems faced in several industries today. 

He added that for a long time now, national fiat currencies haven’t been backed by natural resources or any physical commodities. This, to him, means that the greenback has only been sustained by the notion of military strength. Akon claimed that his bullish stance on cryptocurrencies rests on the fact that their value is determined by the people; as opposed to fiat, which is usually buoyed by governments and their vested interests. 

Amongst the many payers in the entertainment industry, Akon (born “Aliaune Damala Badara Akon Thiam”) has been one of the most vocal proponents of cryptocurrencies. While he might not have made a name for Bitcoin trading or using crypto for investments, he did make a bit of a splash in the crypto industry last year, when he created Akoin, his own digital asset. 

While speaking at a panel at Cannes Lion back in June 2018, Akon, who is of Senegalese descent, claimed that his asset would be available for use in Akon Crypto City, a 2,000-acre mass of land that was gifted to him by Macky Sall, the president of Senegal.

According to its official website, the Akon Crypto City describes itself as a “100% crypto-based city with Akoin at the center of transactional life, blending leading Smart City planning designs with a blank canvas for cryptonizing our daily human and business exchanges, towards inventing a radical new way of existence.”

The artist, who has been involved with other humanitarian efforts in his country (such as solar power inclusion), claimed that he could help empower the public and boost economic growth in Africa by easing their process to buy cryptocurrency.  He added that crypto and blockchain could help boost the security of the currency system, while also allowing people to advance themselves and reduce reliance on the government. 

The project also seems to be gathering some steam. A recent tweet showed that they aren’t looking for investors anymore, although interested parties could also purchase Tokens of Appreciation, which would be converted to the asset once it launches. 

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      Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.