Nigerian musician Seun Kuti has launched a scathing attack on the cryptocurrency market, calling it a “scam” that preys on the vulnerable.
In a viral video, he accused crypto promoters of exploiting the poor while enriching the wealthy.
Kuti shared a personal story to back his claims. He revealed that his sister lost over N50 million in a cryptocurrency investment. Her experience, he argued, proves that crypto is nothing more than a tool for financial deception.
“Crypto is a wealth transfer to the rich”
The outspoken artist did not hold back. He described crypto as a fraudulent scheme that benefits the rich while draining the pockets of the less fortunate. He compared it to gambling, stating that both industries operate on the same principle—taking money from the poor and handing it to the wealthy.
“Crypto is a lie,” Kuti declared in his video. “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.”
He went on to call out crypto promoters, accusing them of deliberately misleading the public. According to him, they hype digital currencies to lure in unsuspecting investors, only for these individuals to suffer devastating losses.
Harsh words for crypto promoters
Kuti’s criticism extended to those who actively promote cryptocurrency. He accused them of being complicit in a grand financial scheme designed to strip the poor of their hard-earned money.
“You all promote it, you push it, but it’s all about wealth transfer,” he said. “You’re all part of this plan to shift wealth from the poor to the pockets of the rich.”
![Afrobeat Sensation Seun Kuti. [Photo credit: Google]](https://newdailyprime.news/wp-content/uploads/2025/01/OIP-20-1.jpeg)
His words reflect a growing skepticism about digital currencies, especially in regions where many people have suffered losses due to scams and volatile markets.
A broader debate on crypto
Kuti’s remarks add to the ongoing debate about cryptocurrency. Supporters argue that digital currencies provide financial freedom and investment opportunities. However, critics, including Kuti, believe the system favors the rich while exposing ordinary people to high risks.
His comments have sparked mixed reactions online. Some agreed, sharing their own bad experiences with crypto investments. Others defended digital currencies, saying they offer opportunities when used wisely.
While crypto remains a controversial topic, one thing is clear—Seun Kuti is not afraid to speak his mind. His words have reignited discussions about the risks and ethics of cryptocurrency, especially in Nigeria, where many have fallen victim to scams.
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