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Elon Musk’s Father Declares Crypto the Future of Finance

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Why DOGE and XRP Holders Are Excited

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.

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“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.

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“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.​​​​​​​​​​​​​​​​

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The post Elon Musk’s Father Declares Crypto the Future of Finance appeared first on BeInCrypto.

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DOJ opens $40 million OneCoin victim claims after $4 billion global crypto fraud

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U.S. DOJ hits Paxful for $4 million in case tied to illegal sex work, money laundering

Victims of the OneCoin $4 billion fraud scheme can now seek compensation through a $40 million fund of seized assets, the U.S. Department of Justice (DOJ) announced on Monday.

Between 2014 and 2019, Ignatova and Karl Sebastian Greenwood, co-founders of OneCoin Ltd. (OneCoin), and others operated an international cryptocurrency investment scheme defrauding up to 3.4 million investors from around the globe, the DOJ said.

The Sofia, Bulgaria-based operation marketed and sold a fraudulent crypto by the same name through a global multi-level-marketing (MLM) network.

Victims worldwide invested over $4 billion worldwide in the fraudulent cryptocurrency which operated through a network of promoters, who solicited investments in return for purported tokens, but notably did not actually involve any cryptocurrencies nor did OneCoin exist on any blockchain.

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The ponzi scheme, which the DOJ called “one of the largest global fraud schemes in history”, collapsed in 2017, after Ignatova and her team were found to have manipulated OneCoin’s perceived value through the automatic generation of new coins.

In June 2024, the DOJ offered a new $5 million reward for the missing Cryptqueen. Greenwood, who allegedly called the investors “idiots”, admitted to federal wire fraud and money laundering charges in 2022.

“OneCoin’s founders sold a lie disguised as cryptocurrency, costing victims more than $4 billion worldwide,” said U.S. Attorney Jay Clayton for the Southern District of New York. He also said the DOJ would continue working to seize criminal proceeds and prioritize getting money back into the hands of victims.

The compensation process for OneCoin comes roughly four weeks after the FTX Recovery Trust announced it would distribute $2.2 billion to creditors in its fourth payout under the exchange’s Chapter 11 plan. Earlier rounds totalled more than $6 billion as part of a process aimed at recovering assets for users of the once-prominent crypto trading platform, which collapsed in November 2022, triggering a steep crypto bear market.

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Fed Chair Nominee Discloses Holdings in Crypto and AI

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Federal Reserve, Government, Donald Trump, Cryptocurrency Investment

Update (April 14 7:51 PM UTC): This article has been updated to with date of nomination hearing.

Kevin Warsh, US President Donald Trump’s pick to lead the Federal Reserve to replace Chair Jerome Powell, has reported millions of dollars in assets ahead of his confirmation hearing, including investments in crypto and AI companies.

In a filing with the US Office of Government Ethics, Warsh reported Excepted Investment Funds (EIFs) in Compound, Dapper Labs, Kinetic, as well as AI companies Delphi, Conversion, Factory, Glue and others ahead of his confirmation hearing in the Senate.

While the prospective Fed chair’s assets amounted to more than $100 million, none of his crypto and AI investments included a value range, Reuters reported on Tuesday.

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Federal Reserve, Government, Donald Trump, Cryptocurrency Investment
Sample of Kevin Warsh’s asset disclosure forms. Source: US Office of Government Ethics

It’s unclear why the value of the crypto and AI investments were not included in the disclosures, but the ethics’ office rules do not require reporting for assets under $1,000. Among the biggest disclosures were more than $50 million in the Juggernaut Fund and more than $10 million in income from consulting fees for Duquesne Family Office, the investment firm of Stanley Druckenmiller.

Trump announced Warsh as his pick to lead the US central bank in January, but only formally advanced his name to the Senate in March following numerous threats to oust Powell. Whoever heads the Fed has significant influence over US financial policy, including federal interest rates.

Related: Deutsche Börse invests $200 million in Kraken parent Payward

Powell’s second four-year term as chair ends on May 15. The Senate Banking Committee announced Tuesday afternoon that it will hold a hearing on Warsh’s nomination to replace the Fed chair on April 21.

Trump still hasn’t announced key nominations for financial agencies

While the Senate Banking Committee may soon consider Warsh’s nomination, Trump has not signaled that he plans to announce additional picks for commissioners at the Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC), both of which have empty leadership seats at a crucial time for digital asset regulation.

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The SEC currently has only three out of five commissioners in its leadership — all Republicans — while another Republican, Michael Selig, is the sole commissioner at the CFTC, where four remaining slots are unfilled. Both regulatory agencies are expected to play significant roles in digital asset regulation should the Senate pass a crypto market structure bill that has been stalled in the chamber since July 2025.

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