Main navigation

Elon Musk Urges Dogecoin Holders to Abandon Centralized Exchanges

News
Wed, 11/24/2021 - 06:31
article image
Alex Dovbnya
Elon Musk has once again spoken out in favor of self-custody
Elon Musk Urges Dogecoin Holders to Abandon Centralized Exchanges
Cover image via stock.adobe.com
Read U.TODAY on
Google News

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.

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.  

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.

Related
Shiba Inu Rival Floki Inu Announces Tie-Up with SSC Napoli
Last month, Musk also offered another sage piece of advice to cryptocurrency holders, urging them not to bet their farm on cryptocurrencies amid the peak of the Shiba Inu mania.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.