Are you a robot?
Why did this happen?
Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy.
“Exactly”: Elon Musk’s One-Word Advice For All Cryptocurrency Investors
Musk doubled down on the suggestion, with only one word “exactly”.
Tech billionaire Elon Musk has often made it a point to prove he is a cryptocurrency supporter, tweeting his support to virtual coins. So when he speaks about the crypto industry the world pays attention to him. In his latest tweet, the SpaceX and Tesla CEO has offered caution and advice to all cryptocurrency investors wrapped in a single word.
Bill Lee, the founding partner at West Coast Holdings, who is an investor in some of Musk’s ventures, responded to a tweet that talked about reducing dependence on crypto trading platforms, saying an investor cannot claim assets in their digital wallet until they own the keys to the wallet. Musk doubled down on the suggestion, with only one word “exactly”.
Exactly — Elon Musk (@elonmusk) November 24, 2021
The advice came after MyDogeWallet, a crypto gateway, tweeted about its vision to “break the dependence on CEXs like Binance and Robinhood and let Shibes take custody of their own coins”. The word “Shibes” here refers to the followers of the Shiba Inu mascot that has become synonymous with Dogecoin.
To this, Bill said, “Not your keys, not your crypto”. And Musk commented on the thread, “Exactly”.
All digital wallets use a pair of digital signatures, called keys, for every transaction. One of these cryptographic keys is private while the other is public. These keys help track ownership, receive or spend cryptocurrencies. A public key allows other crypto users to make payments to a particular wallet from which the key is derived. And a private key enables the wallet owner to spend the cryptocurrency.
If a user loses their private key, they can no longer access the wallet to make transactions like spending, withdrawing, or transferring coins. It is, therefore, wise to keep the private key in a secure location and not lose it.
Also, not owning the private keys could mean the wallet owner has entrusted a third party to keep their assets safe. In this sense the expression “not your keys, not your crypto” was likely used by Bill and supported by Musk.
@eightbitstories Humanity Shall Return!! - Latest Tweet by Elon Musk
Humanity shall return!!— Elon Musk (@elonmusk) November 29, 2021
(SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.)