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 to Face Its Most Intense Battle, Shiba Inu (SHIB) $0.00002 Closer, Can Ethereum (ETH) Reclaim $4,000?'XRP Sits at the Center of Everything Ripple Does,' Garlinghouse SaysBinance's CZ Finally Pardoned, $506 Million in XRP Moved in One Go, Satoshi-Era Bitcoin Whale Awake After 14 Years — Crypto News DigestBREAKING: Ripple Prime Officially Introduced
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