Since the inception of bitcoin, cryptocurrencies have disrupted the financial system of the world. Introduced to the world a decade ago, bitcoin raged war against fiat asset currencies controlled by authorities. Recently, the Grammy award-winning American singer, Akon endorsed bitcoin asset while rejecting fiats such as the U.S. dollar. During a radio interview, the rapper leashed on the U.S. dollar while favouring the concept of decentralized digital currencies. Akon elaborated that money is the biggest business controlled by governments. He also stated that people need to understand money and how it works in order to understand the idea and working of cryptocurrencies. However, he added that one doesn’t need to be highly qualified or educated to understand cryptos. The host of The Breakfast Club, DJ Envy was not buying into Akon’s view. He questioned the intrinsic value of cryptocurrencies with an example. While lifting a pen from the table and assigning a value of $1000 to it, the host asked that who was in charge to decide that the pen actually had a $1,000 worth.
Image Source: hiphop-n-more.com
To understand the point of the host, let’s say that the price of bitcoin is $10,264. The host was actually inquiring how bitcoin was assigned this value and on whose authority it was assigned. He also mentioned the U.S. dollar and explained that it had a worth defined by the government that is uniform all over the country. Unable to comprehend cryptocurrencies, the host regarded cryptos as scams. Akon corrected the claims made by the host and clarified that the U.S. dollar is not backed by the government. While uncovering the reality, he explained that the U.S. didn’t have sufficient resources such as gold to back up its fiat currency asset. Akon compared U.S. countries with other countries and said that other countries were richer when it came to natural resources such as diamonds, gold, etc.
Source: Block Publisher
Disclaimer: Darkweblink.com does not promote or endorse claims that have been made by any parties in this article. The information provided here is for the general purpose only and unintended to promote or support purchasing and/or selling of any products and services or serve as a recommendation in the involvement of doing so. Neither Darkweblink.com nor any member is responsible directly or indirectly for any loss or damage caused or alleged to be caused by or in relation with the reliance on or usage of any content, goods or services mentioned in this article.