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Elon Musk Slams Fiat Money

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Mon, 11/15/2021 - 20:23
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Alex Dovbnya
COBOL, mainframes and government overreach: Elon Musk has painted a grim picture of “normal money”
Elon Musk Slams Fiat Money
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Tesla CEO Elon Musk has once again criticized government-issued fiat currencies in response to a tweet posted by Dogecoin co-founder Billy Markus.

The centibillionaire underscored how little ordinary people actually know about “normal” money, highlighting how outdated and malleable it is.

COBOL, an aging programming language developed in the 1950s, is responsible for roughly 95% of ATM swipes in the U.S.

The vast majority of banks continue to rely on “ancient” mainframe computers despite the proliferation of cloud computing. IBM’s mainframes remain in great demand

This is not the first time that Musk has taken aim at fiat money. As reported by U.Today, the eccentric entrepreneur recent opined that crypto had value because of its immutability (as opposed to government-controlled currencies):  

You know, when governments can’t keep the hand out of the cookie jar and edit the money database, there’s probably some value to that.   

Related
Elon Musk-Inspired Dog Coin Sparks Crackdown with Barrage of Ads

Musk’s most recent anti-fiat comment was seen as an advertisement for cryptocurrencies.

MicroStrategy CEO Michael Saylor said that there is a need for an immutable ledger with a fixed supply, pointing to Bitcoin.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.