Errol Musk, father of Tesla and SpaceX founder Elon Musk, stated that cryptocurrency represents the future of finance, claiming the traditional banking model has reached its end.
In an interview with BeInCrypto, the 7lam-year-old engineer said the old system has "run its course" and is "finished."
Musk cited the difficulty of cross-border transactions through traditional banks as a primary driver for the shift toward digital assets. He noted that transferring funds from the United States to South Africa via conventional banking channels is "practically impossible."
"If I go to my friends in crypto, they do it immediately, no problem," Musk said, describing the technology as an "amazing form of money movement."
Massive Bitcoin holdings revealed
The interview also revealed substantial crypto holdings within the Musk family. Errol Musk stated that Elon and Kimbal Musk hold approximately 23,400 BTC, a position valued at roughly $1.6 billion.
Errol Musk shared that he has personally utilized crypto to bypass traditional banking hurdles. He mentioned meeting industry leaders, including Binance founder Changpeng "CZ" Zhao and the founder of Bybit, during his interactions with the sector.
While he has received Solana as payment in the past and exited those positions at their peak, Errol Musk said he does not personally hold digital assets. He described himself as "old-fashioned" but expressed interest in expanding his technical knowledge of the industry.
