Errol Musk Says Crypto Is the Future of Finance, Traditional System Is Dead

Minseung Kang

Summary

Errol Musk said digital assets are the future of finance and that the traditional financial model has already reached the end of its life.
Errol Musk said digital assets are a highly effective tool that can be processed instantly, compared with cross-border fund transfers through banks.
Errol Musk said Elon and Kimbal hold about 23,400 Bitcoin, and that the family also previously received payment in Solana (SOL) and sold at the peak.

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Elon Musk’s father expressed strong conviction about digital assets, arguing that the traditional financial system has reached its limits.

In an interview cited by crypto media outlet BeInCrypto on April 14, Errol Musk said there was “no doubt” that digital assets would become the future of finance. He added that the existing financial model had already outlived its usefulness.

He pointed to international money transfers as an example of crypto’s practical utility. Moving funds across borders through banks is nearly impossible in practice, he said, while digital assets can handle such transactions instantly. As a way to transfer money, he called crypto a highly effective tool.

Errol Musk also mentioned his interactions with industry figures including Binance founder Changpeng Zhao, known as CZ. He said he had received funds directly in digital assets without going through the traditional financial system.

He said he does not personally own digital assets. Still, he added that while he remains more accustomed to traditional methods, crypto is a very interesting field.

Errol Musk also commented on his family’s crypto holdings, saying his two sons, Elon and Kimbal, own about 23,400 Bitcoin. At current prices, that would be worth about $1.6 billion.

The Musk family has also previously received payment in Solana, or SOL, according to the report. Errol Musk said the Solana they received later rose much higher in value and that they sold at the peak.