1 min read.Updated: 26 Nov 2021, 08:25 PM ISTLivemint
Elon Musk was responding to a tweet by Bill Lee, who is also the founding partner at West Coast Holdings
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Elon Musk, who is known for his cryptocurrency-related comments, has an advice for investors across the world. The Tesla and SpaceX CEO was responding to a tweet by Bill Lee, who is an investor in some of Musk's ventures.
Bill Lee, who is also the founding partner at West Coast Holdings, responded to a tweet that talked about breaking the dependence on crypto exchanges, saying "not your keys, not your crypto," which basically weighs on the importance to own keys to claim assets in their digital wallet.
'Exactly,' Musk, whose comments on cryptocurrency are widely tracked and carry an impact on the markets, replied supporting the proposition. Keys are basically digital signatures that all wallets use for transactions.
A private key allows a user to access their cryptocurrency transactions like spending, withdrawing, or transferring coins. If a user loses it, they can no longer access the wallet to make those transactions.
From, what we can infer, Elon Musk was against the idea that not owning the private keys could mean the wallet owner is depending on a third party to keep their assets safe and thereby supporting the idea of "not your keys, not your crypto."
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