Tesla CEO Elon Musk has been outspoken about his faith in Dogecoin, the meme cryptocurrency that surged in value earlier this year. Musk now has some advice for Dogecoin holders. In response to Bill Lee, a founding partner of West Coast Holdings and an investor in Musk’s companies, Musk agreed that as long as the keys to the wallet were not in the user’s possession, the user should not consider the assets “his”. In a one-word response, Musk said “Exactly,” responding to a tweet by Lee who said “not your keys, not your cryptocurrency,” in response to a tweet saying that the idea of MyDogeWallet, the Dogecoin Metaverse gateway, is to get rid of dependence on such exchanges like Binance and Robinhood.
“The main goal of @MyDogeOfficial’s vision is to break the addiction to CEXs like binance and robinhood and let #shibes take charge of their own coins! said a Twitter user who uses the username @MyDogeCTO. To this, Lee replied: “Not your keys, not your cryptocurrency.” Musk fully agreed with Lee in his one-word response: “Exactly. “.
Musk did not elaborate on his point, but the Tesla CEO is a proponent of people owning their own assets rather than letting exchanges like Binance and Robinhood handle it. Another reason for this is that hackers usually target large exchanges because they are big targets. For example, earlier this month Robinhood said its servers were hacked by an unauthorized third party.
Musk has been a strong supporter of Dogecoin, a meme coin derived from the Shiba Inu meme. Musk has repeatedly urged Dogecoin holders to hold on to their coins as the Tesla CEO expects the value of Dogecoin to skyrocket “like the moon.”
Musk recently lashed out at Binance over the cryptocurrency exchange’s withdrawal limit for Dogecoin. “Hey @cz_binance, what’s going on with your Doge customers? Sounds fishy,” Musk tweeted on Tuesday. The November 10 Dogecoin network upgrade appeared to have caused a withdrawal issue, Binance said in a statement the next day.