COBOL, mainframes and government overbreadth: Elon Musk painted a grim picture of ‘normal money’
Tesla CEO Elon Musk has once again criticized government-issued fiat currencies in response to a tweet posted by Dogecoin co-founder Billy Markus.
The billionaire pointed out how little ordinary people know about “normal” money, pointing out how obsolete and malleable it is.
COBOL, an aging programming language developed in the 1950s, is responsible for roughly 95% of ATM swipes in the U.S.
The vast majority of banks continue to rely on “old” mainframes despite the proliferation of cloud computing. IBM mainframes remain in high demand.
This is not the first time that Musk has taken aim at fiat money. As reported by U.Today, the eccentric entrepreneur recent opined that crypto had value because of its immutability (as opposed to government-controlled currencies):
You know, when governments can’t keep their hand out of the cookie jar and change the monetary database, there’s probably some value in that.
Musk’s most recent anti-fiat comment was seen as an advertisement for cryptocurrencies.
MicroStrategy CEO Michel saylor stated that it was necessary to have an immutable ledger with a fixed supply, pointing to Bitcoin.
