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Elon Musk, CEO of Tesla and SpaceX, engaged with Twitter and Block co-founder Jack Dorsey relating to the significance of self-custody in cryptocurrency.
Musk responded to Dorsey’s announcement of Bitkey, a self-custodial Bitcoin (BTC) pockets from Block, however made a minor error in his reference to a well known crypto adage.
The proper phrase, typically cited by crypto fanatics, is “not your keys, not your cash.” This saying highlights the assumption that non-public management over one’s crypto keys is crucial for true possession of digital property.
The significance of this precept has been underscored by quite a few failures of third events within the crypto trade, together with the latest felony conduct at FTX, which concerned misusing buyer deposits.
Musk’s mistake within the phrase was shortly famous and criticized by Twitter customers, reflecting his popularity as an avid, although typically inaccurate, crypto fanatic.
https://twitter.com/zackvoell/standing/1732862451647918479?ref_src=twsrcpercent5Etfwpercent7Ctwcamppercent5Etweetembedpercent7Ctwtermpercent5E1732862451647918479percent7Ctwgrpercent5E86b2ca5b5e03c5d04467af302cf8996afa684991percent7Ctwconpercent5Es1_&ref_url=httpspercent3Apercent2Fpercent2Fdecrypt.copercent2F209133percent2Felon-musk-says-not-keys-not-wallet-butchered-bitcoin-mantra
This incident adopted one other latest occasion the place Musk’s public rant towards advertisers leaving Twitter impressed the creation of a meme coin, which gained after which lost significant market value in a brief interval.
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