POLITICS

Elon Musk drops a one-word message for all cryptocurrency investors

Reported By:DNA Web Team| Edited By: DNA Web Team |Source: DNA webdesk |Updated: Nov 25, 2021, 10:58 PM IST

Tesla and SpaceX CEO Elon Musk is a vocal supporter of the Dogecoin cryptocurrency. The world’s richest person has backed the cryptocurrency, directly or indirectly, a number of times in the recent months.

Now, Musk has once again spoken out in relationship to Dogecoin. He has a message for all cryptocurrency investors.

The message came as a response to a tweet by Bill Lee, the founding partner at West Coast Holdings, who is also an investor in some Elon Musk ventures.

Lee was himself responding to a tweet which talked about a crypto gateway called MyDogeWallet, which talked about its vision to “break the dependence on CEXs like binance and robinhood and let #shibes take custody of their own coins!”

Responding to this tweet, which talked about reducing dependence on crypto trading platforms, Lee wrote, “not your keys, not your crypto.”

Responding to Lee’s tweet, Musk wrote his mind in a single word – “Exactly”.

Exactly
— Elon Musk (@elonmusk) November 24, 2021

The expression “not your keys, not your crypto” is actually a popular expression in the crypto world called “not your keys, not your coins” where serious investors prefer to keep private keys associated to their assets or funds because not owning a private key means that an investor is entrusting a third party to keep their assets safe.

Elon Musk has earlier voiced out his opinion on the way cryptocurrency exchanges manage assets owned by retail investors. Musk appears to be vouching for the idea of breaking the dependence of retail investors on exchanges to buy and hold their cryptocurrencies.

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