It is not possible to predict how Tesla CEO Elon Musk is going to respond to the question of cryptocurrencies. He has been known to be one of the first CEOs to add Bitcoin to their balance sheets at the beginning of 2021. However, later on, the news of Musk slamming down on the Bitcoin pollution crisis shocked many crypto proponents on social media.
However, recently he has started a new debate on the matter of fiat currencies, calling them unreliable. The first spark in this debate was ignited by Dogecoin creator Billy Markus. Markus recently posted on Twitter, claiming that most the people who are talking about cryptocurrencies have no idea how they work. To this tweet, Musk added a comment that started a new debate in the crypto community.
Elon Musk Targets Government Financial Institutions for Using Outdated Financial Framework
The COBOL or Common-Business-Oriented-Language is a financial transaction program that was developed in the 1950s. It is worth noting that most of the banks and government institutions in the United States still depend on this ancient program to offer services like ATM transactions and online monetary distribution. Musk claimed that the US government has chosen to ignore advanced financial technologies like Cloud Computing by IBM.
He went on to claim that most of the people have been using paperback currency without having any other alternatives available to them. The masses do not realize that the government can edit the fiat currency value and supply as and when they want without any kind of accountability for their actions.
At the moment, the entire cryptocurrency community is worried about the adverse impact of the infrastructure bill that imposes strict regulatory laws on digital traders. The bill was recently passed with highlighted bipartisan support, and it is dedicated to projects like electric car charging stations, solar panels, etc. According to experts, the timing of Musk’s tweet is not coincidental.
One of the biggest Bitcoin proponents, Michael Saylor, has also added a comment in response to Musk’s tweet. Saylor claimed that the financial markets need more immutable or unchangeable digital ledgers. He also suggested that blockchain technology has the potential to fix the malleability of the current centralized monetary system.