The famous singer Akon has cleared up the common misconceptions about cryptocurrencies. Speaking on The Breakfast Club podcast earlier this week, the poplar musician has said that cryptocurrency sees more stability relative to fiat currencies.
Akon defended the volatility of bitcoin, or at least how it is typically cited by crypto naysayers. The artist said, “Believe it or not the cryptocurrency is more stable than actual fiat currencies”.
Liked him before and love him for this - breaking Bitcoin down to the masses— Wendy O (@CryptoWendyO) September 10, 2019
Keep your explanations simple folks, this is how you spark interest. pic.twitter.com/UMSSZ8fmLZ
Watch the full interview here.
Akon says that because crypto is owned by the people, that’s who controls its price. He goes onto say due to its decentralised nature, the price can fluctuate depending on what the users see it be.
He goes onto cite the debate the crypto is backed by nothing but that same situation applies to the majority of fiat currencies including the US dollar. Well, Akon goes onto say that there isn’t anything backing the dollar aside from the US military.
“What they do have is the military. That’s who backs the dollar.”
In the same interview, Akon went onto talk about his African cryptocurrency dubbed, AKoin.
The goal of this crypto coin is 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”.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!