African-American music artist Akon has bashed Bitcoin (BTC) critics who claim that the asset lacks real value.
The Grammy award-winning music artist made his view known in a radio interview published on Sept. 10. Akon bashed the perception that fiat currencies are any less vulnerable to this same critique, arguing that:
“Nothing backs the dollar. The U.S. doesn’t have natural resources that back the dollar. What they do have is the military.”
Akon who has twelve Billboard Top Ten Hits argued in favor of decentralization and trustless blockchain-based mechanisms that underpin the value of cryptocurrencies.
He noted that national fiat currencies have long ceased to be backed by physical commodities or natural resources. He further argues that the United States dollar is ultimately sustained only by convention and military might.
Being bullish about cryptocurrency says that it is the people not the vested interests of national governments that wield control over their value.
His comments come as his cryptocurrency project for a pan-African digital currency to replace fiat currencies, dubbed Akoin, gathers pace.