The Grammy award winning musician and popular singer Akon recently came out in support of Bitcoin, defending the flagship cryptocurrency and stating that it is neither volatile nor lacks intrinsic value.
Akon is in the latest cryptocurrency news for his defence of BTC. In fact, his comments appeared during the Breakfast Club, which is a popular radio show among the New Yorker, where Akon was joining as a guest.
The hip hop star and popular singer Akon confronted many questions mainly aimed on Bitcoin and its price volatility, the lack of proper backing etc. In his response, Akon said that even government-backed fiat currencies have no intrinsic value, but people still use them because they trust their governments. Even though Akon did not say anything worth featuring in the altcoin news, he added that the US government shoves dollar into the lives of billions of people through military force.
“What they do have is the military. That’s who backs the dollar,” Akon said, claiming that this is the reason for the greenback.
When it comes to the Bitcoin volatility, the popular singer Akon added that Bitcoin is more stable compared to fiat currencies because it is genuinely democratic. The method of issuing new tokens stands distributed – which means that people assign value to Bitcoin unlike the US dollar which rises in terms of its value (up and down) in response to government policies.
“It boils down to trust. What you trust is the value it gives you,” said the popular singer Akon, adding that he can buy anything using Bitcoin as much as he can with the US dollar.
A video of the popular singer defending BTC can be seen in the tweet below.
— Coinsnobiety (@Coinsnobiety) September 9, 2019
Moreover, the musician was featured on many best cryptocurrency news sites. He lately emerged as a successful businessman, having ownerships in a record label, a clothing brand as well as a solar energy company.
Most interestingly, Akon is also in the process of launching a cryptocurrency named AKoin in Africa, which is envisioned by the popular singer Akon as one that would “create opportunity and inclusion for youth entrepreneurs by allowing consumers to buy, hold, and spend cryptocurrency right from their smartphone through a suite of blockchain-powered apps.”
Deloitte Starts Testing Bitcoin Payments For Its Staff
“We think it’s good to have our employees assess this new technology.’’Now since the BTC prices have stabilized again to the $10,000 region, the number one cryptocurrency offers a more predictable basis for calculating the price. Bitcoin is now exchanging for $10,221. Paying with your Bitcoins was a good idea in the early days of the network but now the analysts are seeing increased activity related to moving coins in and out from exchanges. Usually, the Bitcoin network will show high transaction loads when the price is rising and when it attempts to sell some coins. there is also some increased tendency for Hodling BTC. Bitcoin is one of the most liquid coins so it is exchangeable for currency as needed and preferred by merchants. One Bitcoin transaction cost is currently at $0.51 unless the priority status is paid for. When the activity is higher, the transactions could cost a few more dollars which is not very suitable for micropayments. Paying with Bitcoin has obviously some major setbacks so now Deloitte starts testing how can they improve the disadvantages. The test of Deloitte will be in-house and on a small scale but globally paying with your Bitcoins is no longer simple. Almost every major exchange has established a KYC procedure and limits the amounts to be paid globally. Deloitte is not a stranger of blockchain and crptocurrencies. The company has been exploring the crypto space for years and the risks of various projects. The company has already formed a blockchain team and opened multiple research centers around the world as we found out in the latest cryptocurrency news.
Bitcoin Will Surge After It Reaches $10,700: Analyst Prediction
“While the ultimate impact will depend on a combination of the extent of damage, the US and Saudi response, and whether further attacks occur, the current production decline will exacerbate the tightening in the oil market that was already underway and could add a more lasting geopolitical risk premium to prices.’’Almost all of the haven assets are reacting positively to the Saudi attacks as well as Gold and Treasures who also managed to increase as the investors look at them as hedging assets. now, the crypto users are eyeing the Federal Reserve meeting and the markets expect that the US central banks will cut the interest rates by 25-basis point. The Fed Chair Jerome Powell is still facing political pressure from the US president and the chairman himself stated that he will address the attendees tomorrow. The analysts believe that bitcoin will surge once it reaches the $10,700 and as per the analysts Dan Tapeiro who stated for the latest cryptocurrency news:
“Everyone “knows” that fact already. In traditional markets, when everyone knows the fact it is considered “priced in.”
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