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.
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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.
Akon is bullish on #Bitcoin and #Crypto pic.twitter.com/Jb4OGiqr8n
— 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.”
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