Tesla CEO Elon Musk has been vocal about his faith in Dogecoin, the meme-coin cryptocurrency that rose in value earlier this year. Now Musk has some advice for Dogecoin owners. In a response to Bill Lee, founding partner of West Coast Holdings and an investor in Musk’s companies, Musk agreed that until wallet keys are in a user’s possession, they should not consider the assets as “theirs”. In a one-word response, Musk said “Exactly,” responding to a tweet from Lee, who said “not your keys, not your crypto,” in response to a tweet saying the idea of MyDogeWallet, a gateway Dogecoin Metaverse is breaking the addiction to exchanges like Binance and Robinhood.
“The main goal of the @MyDogeOfficial vision is to break the reliance on CEXs like binance and robinhood and let #shibes take custody of their own coins! said a Twitter user who uses the username @MyDogeCTO. To this, Lee responded by saying, “Not your keys, not your crypto.” Musk totally agreed with Lee with his one-word answer – “Exactly. “.
Musk didn’t elaborate on his point, but the Tesla CEO is a proponent of people owning their own assets rather than letting an exchange like Binance and Robinhood handle it. Another reason for this is that hackers usually target large exchanges because they are meaty targets. Robinhood, for example, said earlier this month that its servers had been breached by an unauthorized third party.
Musk has been a strong supporter of Dogecoin, a meme coin originating from a Shiba Inu meme. Musk has repeatedly urged Dogecoin owners to hold on to their coins, as the Tesla CEO expects Dogecoin’s value to soar “over the moon.”
Recently, Musk hit out at Binance over the cryptocurrency exchange limiting withdrawals for Dogecoin. “Hey @cz_binance, what’s going on with your doge clients? Sounds fishy,” Musk tweeted on Tuesday. An upgrade to the Dogecoin network on Nov. 10 appears to have caused a problem with withdrawals, Binance said in a statement the next day.