In a recent twist of events, the world’s most affluent entrepreneur, Elon Musk, stumbled in an attempt to engage in discourse with Twitter and Block co-founder Jack Dorsey regarding the significance of self-custody for cryptocurrency assets.
On Thursday, Musk responded to Dorsey’s revelation of Bitkey, Block’s new self-custodial Bitcoin wallet, stating, “Not your keys, not your wallet,” attempting to join the conversation on the subject.
For years, champions of crypto privacy and decentralization have echoed concerns about centralized entities dominating the digital assets industry, chanting the mantra: not your keys, not your coins.
The mantra embodies a fundamental concept: individuals must personally possess the keys to their crypto wallets. Relying on third parties to safeguard these funds compromises genuine control over one’s coins.
Repeated incidents of third-party failures in securing users’ assets, particularly the recent criminal conduct at FTX, where the exchange tapped into customer deposits to fuel illicit activities, have intensified the conviction among crypto enthusiasts that self-custody remains the sole reliable method for holding crypto assets.
Despite Musk’s prolonged portrayal as a fervent crypto supporter, his unfamiliarity with this phrase has raised eyebrows among many in the crypto community who not only understand the saying but adhere to it as a guiding principle.