When they stated that they did not know what cryptocurrencies were, Akon replied that “nobody” knew, offering a comparison to stocks. He called it “no different to the stock market”, stating that investors buy shares of companies that are “more trusted”. He stated:

“It’s a little bit different but it’s almost the same concept the way I understand it. I’m still learning a lot about it myself. The more I get into it the more start to understand it.”

 

The rapper is famous for launching a coin known as Akoin, which is aimed at building the future of Africa. Due to the large percentage of unbanked population in the continent, the move of introducing a cryptocurrency there would advance the financial infrastructure of the country.

The ecosystem of the Akoin aims to bridge the gap that is present in the underdeveloped parts of Africa between digital and face-to-face platforms. The coin will allow users to spend the cryptocurrency and provides cryptocurrency and entrepreneurial lessons to young businessmen in the country.

 

Akon also spoke about the coin on the podcast. He stated:

“What you are investing in is the future of Africa when you invest in Akoin. Akoin is set up to empower the entrepreneurs.”

On the economics behind cryptocurrency, Akon clarified that it was indeed backed by nothing. He went on to say:

 

“The thing is crypto ain’t really backed by nothing. Bitcoin ain’t backed by anything. It’s the network is back by the popularity and the trust factor. You can trust to know that if you buy a Bitcoin is worth a certain amount of money. That’s any currency; it’s whatever the people say it’s worth.”

Many who are part of the cryptocurrency boom are a part of it because they believe that it was the evolution of money. Akon also echoed this thought, stating that it was going to be “future in currency”. He further illustrated this point by providing an analogy to the evolution of music media from 8-track tapes to vinyl to CDs and MP3s and streaming music. He stated:

“When you look at currency you went stagecoaches you know to like literally trading whatever you can trade. Cattle, to trading gold, to actually creating something that gold can be compared to and that’s what the actual dollar is today, and someday the dollar is going to turn into something digital. Dollar’s analogue, your credit card is digital, but crypto is money. From now, crypto is going to be the next currency.”

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