Elon Musk Misquotes Crypto Adage in Twitter Exchange with Jack Dorsey
In a recent Twitter exchange, Elon Musk made an error while discussing the importance of self-custody for crypto assets with Jack Dorsey. Musk misquoted the well-known adage “not your keys, not your wallet,” responding to Dorsey’s announcement of Bitkey, a new self-custodial Bitcoin wallet from Block. The correct phrase is “not your keys, not your coins.” This adage emphasizes the need for individuals to personally hold the keys to their crypto wallets instead of relying on third parties.
Musk’s mistake was quickly pointed out by Twitter users who took delight in his gaffe. The incident highlights the belief among crypto advocates that self-custody over assets is crucial due to numerous failures by centralized actors in protecting users’ funds. Musk’s recent involvement in the crypto space has been met with scrutiny and amusement, including his unintentional creation of a meme coin through a public rant.
Hot Take: Elon Musk’s Lack of Familiarity with Crypto Adage Highlights Knowledge Gap
Elon Musk’s misquoting of the popular crypto adage “not your keys, not your coins” reveals a lack of familiarity with the fundamental principles of self-custody and decentralization in the crypto industry. As the world’s richest man and a prominent figure in the space, Musk’s errors draw attention to the importance of understanding key concepts before engaging in public discussions about cryptocurrencies. While his involvement has brought significant attention to the industry, it also underscores the need for accurate information and expertise when navigating this complex ecosystem.
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