Elon Musk has once again spoken out in favor of self-custody
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 is in favor of withdrawing money from centralized trading platforms so that Dogecoin holders control their own private keys.
— Elon Musk (@elonmusk) November 24, 2021
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.
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.