Akon, the rapper whose hits include “Smack That” and, perhaps more appropriately, “GET MONEY”, is known for his philanthropic endeavors and also his interest in cryptocurrency, but a recent segment on a morning radio show recently underlined just how impressive his understanding of the wider issues of the fiat currency system is and how Bitcoin is a potential remedy to it.
— Coinsnobiety (@Coinsnobiety) September 9, 2019
“Nothing Backs the Dollar”
Akon was appearing on New York-based radio show The Breakfast Club recently to promote his Akoin Foundation, which creates opportunities for young African entrepreneurs, when the subject of cryptocurrencies came up. Starting out by saying that “Cryptocurrency is more stable than fiat currency…ultimately because it’s more controlled by the people”, the rapper went on to discuss one of the central tenets behind Bitcoin’s creation:
The actual dollar – who says that’s worth anything? Nothing backs the dollar – the US doesn’t have any natural resources that back that dollar. Now, what they do have to back it is the military. That’s who backs the dollar. It’s worth something because we say it’s worth something.
Akon Helps Crypto Education
Akon’s point that fiat currencies are only backed by the word of the government that issues them is a viewpoint held by many inside the cryptocurrency world and has been evidenced by currency crises currently gripping the likes of Zimbabwe and Venezuela where hyperinflation is causing pain and misery for the general population. Before the advent of cryptocurrency, many never needed to question the way money works because there was no alternative to it, but many of those who have fallen down the crypto rabbit hole have received a whole new education on the very principles of money as part of that education, with Akon clearly being one of them. Should Akon help in educating a whole new generation as to the benefits of Bitcoin over fiat currency, there may be, in his own words, much less “Cashin Out” of crypto.