After a brief spat with Binance CEO Changpeng Zhao, Tesla CEO Elon Musk took aim at crypto exchanges.
In a recent tweet, the centibillionaire speaks out in favor of withdrawing money from centralized trading platforms so that Dogecoin holders control their own private keys.
Exactly
— Elon Musk (@elonmusk) November 24, 2021Crypto Market Prediction: XRP's Last Chance Before $1, Another Bitcoin (BTC) Wave to Set $100,000 in Stone, Shiba Inu (SHIB) Comeback to the Bottom is PossibleEthereum’s Buterin Advocates for Stronger CryptoXRP Hits Astonishing 1,694,200% Liquidation Imbalance, Vitalik Buterin Breaks Silence on Ethereum Outage, $185 Million in Bitcoin Exits Binance in Minutes – Crypto News DigestMorning Crypto Report: Elon Musk's SpaceX Relocates $100 Million in Bitcoin, USD Stablecoin $1 Million Exploit, New Cloudflare Outage Takes Down Coinbase
This is not the first time that Musk has supported the “not your keys, not your crypto” crowd. In February, he tweeted that any cryptocurrency wallet that doesn’t allow users to control their funds should be “avoided at all cost.”
Back then, Musk also posted a Chuck Norris meme about Mt. Gox, the now-defunct cryptocurrency exchange that lost 850,000 BTC in the devastating 2014 hack.
This is true power haha pic.twitter.com/Fc9uhQSd7O
— Elon Musk (@elonmusk) February 10, 2021
Crypto holders are typically discouraged from holding their crypto on exchanges due to possible hacks or other incidents. However, there are also those who believe that newbies shouldn’t self-custody their crypto since the process is too cumbersome and may result in the loss of funds.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team