Posted by Amarachi on Thu 30th Jan, 2025 - tori.ng
He argued that the hype surrounding cryptocurrency is misleading, emphasizing that more Africans have lost money to it than those who have profited.
Nigerian Afrobeats star, Seun Kuti has condemned crypocurrency, labelling it as a scam after his sister lost over ₦50 million.
In a viral video, the youngest son of Afrobeats icon, Fela Kuti, accused its proponents of preying on vulnerable individuals.
Kuti likened cryptocurrency to a wealth transfer scheme, where the poor are exploited to enrich the wealthy.
He argued that the hype surrounding cryptocurrency is misleading, emphasizing that more Africans have lost money to it than those who have profited.
The singer shared a personal anecdote, expressing frustration that his sister had ignored his warnings, resulting in a significant financial loss.
He said: “Crypto is a lie. You people are criminals trying to steal from poor people. It’s nothing but a wealth transfer from the poorest to the richest, just like gambling.”
“You all promote it, you push it, but it’s all about wealth transfer. You’re all part of this plan to shift wealth from the poor to the pockets of the rich.”
“There’s no freedom in crypto. More Africans have lost money to this than those who have made a profit from it.”
“You know how much my sister has lost to crypto. I’ve been warning her, but she didn’t listen. I can’t even tell you how much I’ve lost—over ₦50 million. My sister, my own blood sister—this is how many Nigerians have lost millions.”
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