Tesla CEO Elon Musk criticized government-issued fiat currencies in response to a tweet from Dogecoin (DOGE) co-founder Bill Markus.
The famous billionaire underlined that ordinary people know very little about “normal” money, emphasizing that these coins are outdated.
“Normal money is actually a bunch of legacy mainframes running COBOL in batch mode. Here the government can edit the currency database whenever they want.”
COBOL, a programming language developed in the 1950s, is responsible for 95% of ATMs in the United States.
Despite the widespread adoption of the cloud, the vast majority of banks continue to rely on legacy mainframes.
Elon Musk has previously criticized fiat currencies.