Errol Musk, the father of Tesla CEO Elon Musk and Kimbal Musk, revealed that both his sons own a considerable amount of Bitcoin in their wallets. According to his revelation, his two sons own BTC worth approximately $1.6 billion, he said to BeInCrypto.

The disclosure comes when the SpaceX CEO had not revealed the amount of BTC holdings publicly. Apart from Bitcoin, Elon Musk also holds Ethereum and a considerable amount of Dogecoin. The billionaire has not made public the number of tokens he owns.

The 79-year-old South African engineer also explained that cryptocurrencies could become the next normal in global finances. “I have no doubt that crypto will be the future of finance. The old model has run its course, it’s finished,” he said. Even Elon Musk has a similar mindset, where he believes that Bitcoin and other cryptocurrencies will eventually take over the world’s financial order.

His father’s strong views on the future of cryptocurrency come when Elon Musk is actively considering accepting Bitcoin for X payments. The structure is currently underway, but it only allows BTC for tipping. This means users are allowed to send and receive BTC through the Lightning Network, which is fully integrated as a currency in the social media platform.

Also Read: Morgan Stanley Bitcoin ETF Buys $83 Million Worth Of BTC

Does Elon Musk’s Father Own Bitcoin?

Despite being confident in Bitcoin’s prospects, the 79-year-old confirmed that he does not own any cryptocurrencies. He added that crypto is a “fascinating stuff” for cross-border transactions without requiring banks to be intermediaries for payments.

However, Elon Musk’s father confirmed that he has personally met former Binance CEO CZ and the founder of Bybit, Ben Zhou, and received crypto payments in Bitcoin outside of traditional banking channels. He stressed that these were payments only and not for investment purposes. Therefore, he does not own any cryptocurrencies but has used them for payments only.