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 fundamental objective of the @MyDogeOfficial concept is to free #shibes from their reliance on CEXs like Binance and Robinhood by allowing them to hold their own currency!” a Twitter user with the handle @MyDogeCTO stated. “Not your keys, not your crypto,” Lee said in response. With a single word, Musk echoed Lee’s sentiments: “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 unauthorised third party.
Musk has been a strong backer of Dogecoin, a meme-based cryptocurrency inspired by a Shiba Inu meme. Musk has advised Dogecoin owners to hold on to their coins on several occasions, claiming that the cryptocurrency’s value will rise “to the moon.””
Musk recently took a swipe at Binance for restricting Dogecoin withdrawals. “Hey @cz binance, how are your doge clients doing?” Sounds dodgy to me “Musk sent out a tweet on Tuesday. Binance announced in a statement the next day that an upgrade to the Dogecoin network on November 10 appears to have caused an issue with withdrawals.