Elon Musk, the CEO of Tesla, has been outspoken about his belief in Dogecoin, a meme-coin cryptocurrency that skyrocketed in value earlier this year.
Now, Musk has some Dogecoin advice for you. Musk agreed with Bill Lee, a founding partner of West Coast Holdings and an investor in Musk’s firms, that the holdings should not be considered “their own” until the wallet keys are in the user’s control.
Musk replied with a single word, “Exactly,” in response to a tweet from Lee, who stated, “not your keys, not your crypto,” in response to a tweet stating that the goal of MyDogeWallet, a Dogecoin Metaverse gateway, is to break the dependency on exchanges like Binance and Robinhood.
“The core focus of the @MyDogeOfficial vision is to break the dependence on CEXs like binance and robinhood and let #shibes take custody of their own coins!” a Twitter user who goes by the username @MyDogeCTO said. To this, Lee replied saying, “not your keys, not your crypto.”
Musk strongly agreed with Lee with his one word response – “Exactly.”
Musk did not elaborate on his point, but he is a proponent of consumers retaining their own assets rather than entrusting them to exchanges like Binance and Robinhood. Another reason for this is because large exchanges are attractive targets for hackers.
For example, Robinhood announced earlier this month that its servers had been hacked by an unauthorized third party.