The richest man in the world, Elon Musk, said the government prints money whenever it wants and very easily.
In his view, central bank money is just a system that can be manipulated with little action and is not trustworthy. This criticism of central bank monetary policy has come to the attention of other billionaires around the world, who rely on Bitcoin as a currency system.
Musk’s outburst was in response to a provocation by Dogecoin co-creator Billy Markus, with whom Elon always has a good public dialogue.
Government prints money whenever it wants to in its database, attacks Elon Musk
In US Dollars, Elon Musk is considered the richest man in the world today, with a fortune estimated at $266 billion. Many in his position would be comfortable with the monetary situation, but that doesn’t seem to be the case for the CEO of Tesla and SpaceX.
That’s because, one of the creators of Dogecoin posted on his Twitter that many people looking to know cryptocurrencies today do not even know how their systems work. In his critique, he recalled that those interested in cryptocurrencies do not seek to understand systems.
Upon seeing Billy’s comment, Elon Musk went on to attack the central bank’s monetary system. According to the view of the richest in the world, “normal money” is an archaic system in which the government can use the database whenever it wants, implying that they can print at will.
“Normal money is actually a bunch of old mainframes running cobol in batch mode, where the government can edit the money database whenever they want.”
Normal money is actually a bunch of ancient mainframes running cobol in batch mode, where govt can edit money database whenever they want
— Elon Musk (@elonmusk) November 15, 2021
Upon seeing Elon Musk’s post, Twitter CEO Jack Dorsey shared the comment, demonstrating support for another billionaire.
Michael Saylor made a proposal to think of a single cryptocurrency to fight money problems
Elon Musk has publicly stated that he has Bitcoin, Ethereum and Dogecoin, believing in these three currencies for the future. His talk about money, for example, turned out to be in response to the co-creator of Dogecoin, a currency that Musk believes has potential as a means of payment due to its low network fees.
However, for MicroStrategy CEO Michael Saylor the effort to fix the money should be put into just one project. He is known for buying Bitcoin whenever possible with his company and even personally, being one of the biggest whales known today.
“If we want to fix money, we need to agree on a single immutable ledger with a money supply fixed forever.”
If we want to fix the money we need to agree on a single immutable ledger with a monetary supply that is fixed forever.
— Michael Saylor⚡️ (@saylor) November 15, 2021
In Saylor’s speech, he suggests that efforts be put into Bitcoin, but Musk has not responded on that issue. Anyway, three billionaires joined in this discussion, showing that not even the richest in the world are satisfied with the central bank policy, which takes inflation to the heights all over the world.