Tesla CEO Elon Musk Dogecoin, the meme-coin cryptocurrency that grew in value earlier this year. Now, Musk has some advice for Dogecoin owners. In response to Bill Lee, a founding partner of West Coast Holdings and an investor in Musk’s companies, Musk agreed to the fact that he should not “own” the holdings as long as the wallet keys are not in the possession of the user. should believe. In a one-word response, Musk said “absolutely,” responding to a tweet by Lee saying, “Not your key, not your crypto,” in response to a tweet that said the idea of MyDogeWallet, a Dogecoin metaverse gateway to exchanges like to break the dependence on Binance And Robin Hood,
“The main focus of the @MyDogeOfficial vision is to break the dependence on CEXs like Binance and Robinhood and let #shibes take custody of their own coins!” Said a Twitter user who goes by the username @MyDogeCTO. To this Lee replied, “Not your key, not your crypto.” Musk agreed strongly with Lee’s one-word response—”Absolutely.”
Musk didn’t elaborate, but the Tesla CEO is supportive of people holding their assets instead of letting the exchange like Binance and Robinhood care about it. Another reason for this is that hackers usually target large exchanges as they are important targets. Robinhood for example, said earlier this month that its servers have been breached by an unauthorized third-party.
Musk has been a vocal supporter of Dogecoin, a meme-coin derived from the Shiba Inu meme. Musk has on several occasions urged Dogecoin owners to keep their coins, as the Tesla CEO expects Dogecoin’s value to rise “to the moon”.
Recently, Musk rained heavily On Binance on the cryptocurrency exchange limiting withdrawals for Dogecoin. “Hey @cz_binance, what’s up with your dodgy customers? Sounds unclear,” Musk tweeted Tuesday. The November 10 upgrade to the Dogecoin network has created a problem with withdrawals, Binance said in a statement the following day.