Elon Musk’s Father Declares Crypto the Future of Finance

Errol Musk, father of Tesla and SpaceX founder Elon Musk, says there is no doubt that crypto is the future of finance. 

In an exclusive interview with BeInCrypto Editor-in-Chief Vladimir Arkhireysky, the South African engineer called the old model “finished.” His comments come alongside revelations about his sons’ Bitcoin (BTC) holdings and his own first-hand experience of crypto payments.

Elon Musk’s Father Backs Crypto

Errol Musk was unequivocal about where global finance is heading.

“I have no doubt that crypto will be the future of finance. The old model has run its course, it’s finished,” he said. “The new form of money management is clearly crypto.”

The 79-year-old engineer grounded his conviction in personal experience. He described how transferring money across countries through a bank is “practically impossible,” whereas crypto transfers happen instantly.

“It’s an amazing form of money movement. For example, if I’m in South Africa and I want to bring some money from America through a bank, it’s impossible. They make it so impossible through the bank. If I go to my friends in crypto, they do it immediately, no problem,” Errol told BeInCrypto.

He noted that he has met the founder of Binance, Changpeng “CZ” Zhao, and the founder of Bybit, and has personally received crypto that bypassed traditional banking channels entirely. 

Despite his conviction, Errol admitted he does not personally own any digital assets. He described himself as “old-fashioned,” though he said he would like to learn more about crypto.

“What I know about it is small, but it’s a big thing. I am still old-fashioned. I have a bank card,” he remarked. “Altogether, I’m not an expert, but it’s clearly fascinating stuff.”

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Inside the Musk Family’s Crypto Exposure

Errol also offered a rare glimpse into the Musk family’s crypto positions.

“I know it sounds astronomical. Elon and Kimbal, my two sons, have 23,400 Bitcoins,” he said.

If accurate, the figure would be striking. Based on the latest data from BitsoinTreasuries, Elon Musk’s electric vehicle firm Tesla holds 11,509 BTC, ranking 12th among the largest publicly traded holders. In addition, SpaceX holds 8,285 Bitcoins.

The family has also dealt in other tokens. Errol revealed that they once received payment in Solana (SOL), an amount he described as “a little more than a million rubles.”

“It was strange for me to receive that payment in crypto. We received Solana back then, it was worth much more, and we got out at the peak,” he mentioned.

Errol Musk is a South African engineer, pilot, and businessman. Born in 1946. Father of Elon Musk, founder of Tesla and SpaceX, and Kimbal Musk, entrepreneur and philanthropist.

Early in his career, he worked in real estate and electrical engineering and was involved in various mining projects across Africa. He is known as a candid speaker who readily comments on his sons’ achievements and global trends.​​​​​​​​​​​​​​​​