Elon Musk, CEO of Tesla and SpaceX, engaged with Twitter and Block co-founder Jack Dorsey regarding the importance of self-custody in cryptocurrency.
The correct phrase, often cited by crypto enthusiasts, is “not your keys, not your coins.” This saying highlights the belief that personal control over one’s crypto keys is essential for true ownership of digital assets.
The importance of this principle has been underscored by numerous failures of third parties in the crypto industry, including the recent criminal conduct at FTX, which involved misusing customer deposits.
Musk’s mistake in the phrase was quickly noted and criticized by Twitter users, reflecting his reputation as an avid, though sometimes inaccurate, crypto enthusiast.
This incident followed another recent event where Musk’s public rant against advertisers leaving Twitter inspired the creation of a meme coin, which gained and then lost significant market value in a short period.