Crypto Doesn’t Make the World Better – An Essay – Economics


Essay by

Philipp Bovermann

The R&B singer Akon wants to give Africa a vision: a high-tech city as a beacon project for the continent. drafts demonstrate an undulating skyline made of futuristic glass towers that look like sex toys for aliens. In the offices, start-ups should hatch ideas, put smart, sustainable technologies behind the façades and, most importantly, pay with crypto currencies, of course. These, he said when presenting the project last year, could be “the savior of Africa”. The musician is convinced that they will save the continent from inflation and corruption and thus open the door to a golden future. “Akon City” should therefore function as an “ecosystem” around its own crypto currency. Akon has reportedly received $ 4 billion in pledges from investors and 800 acres of coastal land from the Senegalese government.

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