Tesla CEO Elon Musk has been quite vocal about his faith in Dogecoin, the meme-coin cryptocurrency that shot up in value earlier this year. Now, Musk has some advice for Dogecoin owners.
In a response to Bill Lee, the founding partner at West Coast Holdings and an investor in Musk’s companies, Musk agreed with the fact that till the wallet keys are not in a user’s possession, they should not consider the holdings as “their own.”
In a one-word response, Musk said “Exactly”, responding to a tweet from Lee, who said “not your keys, not your crypto,” in a response to a tweet saying that the idea of MyDogeWallet, a Dogecoin Metaverse gateway is to break the dependence on exchanges such as 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 responded by saying, “not your keys, not your crypto.” Musk strongly agreed with Lee with his one-word response, “Exactly.”
Another reason for this is that hackers usually target big exchanges as they are meaty targets. Robinhood, for example, said earlier this month that its servers have been breached by an unauthorized third party.
Musk has been a vocal supporter of Dogecoin, a meme-coin that came from a Shiba Inu meme. Musk has on multiple occasions urged Dogecoin owners to hold their coins, as the Tesla CEO expects Dogecoin’s value to shoot up “to the moon.”
Recently, Musk lashed out at Binance over the cryptocurrency exchange limiting withdrawals for Dogecoin. “Hey @cz_binance, what’s going on with your doge customers? Sounds shady,” Musk tweeted on Tuesday. An upgrade of the Dogecoin network on the 10th of November seems to have caused an issue with withdrawals, Binance said in a statement the next day.
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