Elon Musk Discusses Self-Custody in Crypto with Jack Dorsey
Elon Musk, the CEO of Tesla and SpaceX, recently engaged in a conversation on Twitter with Jack Dorsey, the co-founder of Twitter and Block. The discussion revolved around the importance of self-custody in cryptocurrency.
Musk’s Response to Dorsey’s Announcement
Musk responded to Dorsey’s announcement of Bitkey, a self-custodial Bitcoin wallet from Block. However, he made a slight mistake by referencing a well-known crypto adage incorrectly.
The Correct Phrase for Self-Custody
The correct phrase often cited by crypto enthusiasts is “not your keys, not your coins.” This saying emphasizes the belief that having personal control over one’s crypto keys is crucial for true ownership of digital assets.
Importance of Self-Custody Principle
The importance of the self-custody principle has been highlighted by various failures of third parties in the crypto industry. A recent example is the criminal conduct at FTX, where customer deposits were misused.
Musk’s Mistake and Twitter Users’ Reactions
Musk’s mistake in referencing the adage was quickly noticed and criticized by Twitter users. This incident reflects his reputation as an avid but sometimes inaccurate crypto enthusiast.
Another Incident Involving Musk and Crypto Market
This incident follows another recent event where Musk’s public rant against advertisers leaving Twitter led to the creation of a meme coin. The coin initially gained significant market value but later experienced a decline.
Hot Take: Musk’s Crypto Enthusiasm and Its Impact
Elon Musk’s involvement in the crypto industry has garnered attention, both positive and negative. While his enthusiasm has brought mainstream attention to cryptocurrencies, his occasional mistakes and influence on market trends have raised concerns. It is crucial for crypto enthusiasts to understand the importance of self-custody and personal control over their crypto keys to ensure true ownership of digital assets.
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